As Rich Retrench, So Goes the Servant Class

When Conspicuous Non-Consumption Becomes Trendy in Jupiter

Or Palm Beach, or Bal Harbour, or any number of Florida playgrounds for the uberwealthy. USA Today goes cross country examining how the rich are spending less, and the impact it's having on sales of luxury condos, private jets and gigayachts. Special emphasis is placed on the parallel pain in housing and retail: "Neiman Marcus, citing a tough sales climate, said this month that it would cut 375 jobs...Macy's said it would close 11 stores. And in Florida, two affiliates of Ginn Cos. filed for bankruptcy as two of its high-end housing developments ran into trouble. Unemployment in luxury retail and the construction industries is soaring. The unemployment rate in the construction industry is 15.3%, vs. 9.4% in December 2007." Conspicuous non-consumption is in vogue these days according to Bentley dealer Graham Cox. "'The wealthy still have the wealth,' Cox says. 'It's the image you project in a bad economy of driving a nice car when your friends or colleagues may be losing their businesses.'"