Luxury Goods are Starting to Nosedive (According to this Article)
shailynn
They never tell you what you need to know.
Need a pre-owned Rolex? I remember a used Daytona going for about $4,500 pre-pandemic, then $10K+ during the pandemic, now it looks like they may go lower than $4K by the end of the year.
How come pre-owned Porsches haven't nosedived in prices yet?!?!?!?!?!
Homes are coming next. I recently read some areas of the country homes are selling for as much as 20% cheaper than the year before and continuing to drop.
Everyone laughed at Mate72's prediction, he may get the last laugh after all, although we are ONLY talking about luxury goods dropping at the moment.
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It's not about luxury products nose diving
For example - adult toys - motorhomes, collectible cars, boats, etc. which people now regret buying during the pandemic and cannot really afford them now.
Homes
Clothing (including shoes and handbags) - several articles about how retailers now have a glut of inventory and consumers trying to offload their expensive purchases on secondary sites are having trouble getting good money for their items.
Some expensive vacation destinations
Used luxury cars are finally dropping but still far from pre-pandemic pricing.
.. I think it’s coming..
The problem is that wealth generation in America is going to decrease as long as inflation and the cost of borrowing continues to skyrocket.
I was in Costco earlier today, store was packed with lines at all the checkouts easily a half hour unusual for a weekday, and a lot of luxury foods, and quite a bit of better quality goods as well, I saw a few electric bicycles at $1400 on several shopping trolleys, and a bunch of big screen TVs while I was waiting at the checkout.
Folks with money sure seem to be spending well this year.
And to think so many thought it was crazy to believe prices were dropping a month ago when I posted this in the politics section. Everything is dropping in price, including household wealth. Inflation is dying.
That’s got to be around $80k. I’ve always been a guy to buy new cars…but damn. That’s ridiculous
Also; I always heard electric-cars were gonna be easier to make being less-complicated not having an ICE nor transmission - but damn they manage to be more expensive.
that vehicle the SQ7, new starts at 90K all decked out closer to 125K
Another Bureau of Wconomic statement on inflation, but SkiDumb thinks reading his clients statements are a true reading of inflation. Keep in mind the pool of people he is dealing with anytime he tells you about his experiences. Not exactly people who are dealing with a full deck.course anyone who spits vitriol from their political stances should be armed with abundant caution, and bring your own logic as the sky is falling critics speak from their feelings, not facts.
Holy shit. That’s crazy. The driver was a 40-something most fuckable blonde MILF. We were loading our groceries at the same time. She was looking at me in my Lexus as po white trash
This has obvious implications for strippers in strip clubs. When guys cut back on spending, they'll cut back on strip club trips before rent, groceries, medical care etc. Girls barely making it now as a stripper should be looking at and preparing for other jobs since economic conditions are likely to continue to deteriorate.
w.r.t. a waiting list to biy certain boats; I wonder how much lack-of-inventory/supply-chain-issues play into that.
The rich can usually maintain their lifestyle in a downturn; it's the wannabe-rich that can't continue to live that way.
The rising value of boats has yet to affect consumer demand, with listed boats moving off the market faster and sales remaining higher than before the pandemic in 2019. The 2022 Boats Group Midyear Market Index shows strong consumer demand continues to move boat inventory faster than before the pandemic. Aug 1, 2022
https://www.prnewswire.com/news-releases…
Also - many say the (economic) shit hasn't hit the fan yet - major companies like Fedex and Amazon etc are wary about what's to come and are starting to hunker-down to some extent either by hiring-freezes; starting to let go some people; or have plans for layoffs - I wouldn't be surprised that once we get past the election and past the holidays, that we may see a different 2023 and it may be more evident how bad things may actually be - but time will tell.