Word: premiums
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...where the stock market goes, so goes luxury spending. As Neiman Marcus president and CEO Karen Katz points out, "The last time there was an election, it threw us all into a tizzy." Even with a recently lackluster market, people still seem to be willing to pamper themselves with premium products and services--whether that means buying a $290 face cream in New York City or a $9,000 LCD TV in Tokyo. Luxury now enters every room in the house: LauraStar, a global ironing-supply company, sells an ironing system for $999, above. The better to smooth out those...
...people who haven't necessarily built up their nest eggs, and then we've got billionaires," he says. "When you look at the growth in luxury brands, first you have to look at the economy, and obviously it has really revived over the last year. But there is a premium in terms of quality of life. People are saying 'I've worked hard, I've done well, and I am going to indulge myself.' In the past there might have been a sense of putting it off and putting...
...Miami following its recent launches in South Africa and Beijing; and in Tokyo individuals with assets of more than $920,000 can hire celebrity sushi chefs and geishas for private parties through Club Concierge. In a competitive social and economic environment, trading up--whether it's paying a premium so you can breeze past the bouncers or ponying up big bucks so you can cruise around in a Rolls-Royce Phantom--makes you look and feel like a player...
...style-conscious man's wardrobe. Macko says sales of casual designer clothing are up among young men who, unlike their elders, "grew up without the stigma that only gay men went shopping by themselves or with other men." For this new generation, Macko says, "it all starts with a premium denim, whether it's Levi's Premium or Seven; a great shoe, maybe Tod's; then a great shirt; then a blazer. We're doing a huge business in blazers...
GREGORY VALLIERE: In normal times investors look at things like profits and interest rates. But these are different times. There are two new factors playing a huge role. One is the terrorism premium. Is it 25% of the price of oil? Nobody can quantify, but it's there. The second one is the election. There, I would not look at it in sweeping terms. The main issue is stock sectors, and there could be some pure plays in things like health care and other sectors depending on who wins...