Fortune magazine wrote about a luxury recession. Luxury hotel and yacht sales are down for some companies. Studios are offering group pilates classes which are more affordable than private sessions. It seems that there is a frugal elite out there. I know The Financial Times mentioned how Martha Stewart’s followers are asking for cheaper ingredients in her recipies.
I know some of my splurges may seem like luxuries, but I’m not quite to the point where I’m pondering whether to buy a yacht.
What do you think about the wealthy cutting back on spending? Can it really even be considered frugal if you don’t eat fine steak anymore to save money? Are these indicators of slow luxury sales a sign of the times? How are you cutting back?