Super Rich to Keep buying in 2009

[Joanne98]

GENEVA (Reuters) - Swiss independent watchmaker Parmigiani expects the super-rich to buy pricey timepieces this year as they shrug off the impact of a global economic slowdown which has crimped consumer spending across the world.

Other high-end brands such as Audemars Piguet, Girard-Perregaux and Roger Dubuis are cautious after sales slumped in the last three months of 2008, but Parmigiani Chief Executive Jean-Marc Jacot sees sales rising 15 percent in 2009.

Speaking at the SIHH watch fair in Geneva, Jacot told Reuters he didn't think the wealthy were likely to change their lifestyles because of the economic downturn.

"Maybe for a certain period you are not in the mood to buy and that is what happened for the last three months. It was more a question of mood, not money," Jacot said.

http://www.reuters.com/article/reutersEdge/idUSTRE50K5PX20090121

[liberal N proud]

1. Duh!

They have all the money

[Sherman A1]

2. Well, perhaps not all of them....

Picked this up from the Progressive Grocer Web Page.

Saks Announces Cutbacks
January 16, 2009

New York-based department store chain Saks Inc. will cut 9 percent of its workforce, lower capital spending and reduce other costs, according to a Reuters report. The company also said it planned a 20 percent cut in inventory receipts for this year. Saks joins other retailers that have announced staff cuts as the global market crisis hits the investment portfolios of wealthy consumers.........


The piece goes on to discuss other cut backs in travel, 401k contributions, capital spending and such along with the closing of the Club Libby Lu chain for girls and 1100 corporate support and store jobs by the end of this month.

[Name removed]

3. Deleted message

Message removed by moderator. Click here to review the message board rules.

[texastoast]

4. Well, effie that

Enjoy your short stay with the can-do folks here.

[eilen]

5. Dick Morris and his crystal balls. nt

[bunnies]

6. 7 months to make your first post and this is what you do?

Nothing like the stench of bullshit in the morning. :eyes:

[TomClash]

7. "It was more a question of mood, not money"

Well, alright then, maybe we should make it a question of money.

[Adsos Letter]

8. Well, I don't know about the super-rich, but...

my daughter works for Burberry, and their sales have only slowed very slightly.

[.... callchet ....]

9. Bother them ?

I saw yachts filling up with 1500 gallons of fuel @ $4/gallon of fuel for a weekend for of fishing. No, life styles of the Rich and famous are not going to change.

[Adsos Letter]

10. yeah...my daughter sees $3,000+ handbags and purses....

go out the door on a regular basis.