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Reply to "so who actually shops at Bloomingdales? Stays at 4/5 star resorts for $1000/night?"
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[quote=Anonymous]There are a lot of people. 1 percent of 300 million is 3 million. Then there are the new upper classes from China and other recently developed economies. New wealth likes to spend. And as a number of posters have pointed out, those in the top quartile can easily afford luxuries if they don't have kids and/or aren't spending too much on housing. When I was single I shopped at Saks, traveled internationally, and stayed at five star hotels. Now that I have a house and kids, I shop at Joseph Bank and vacation at moderately-price nearby resorts, even though I make 2 to 3x as much.[/quote]
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