Rachel Wolfe

speaker

900 appearances 20 recordings 1 series first heard Mar 2022 last heard May 2024

Rachel Wolfe’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Americans Have Inflation Fatigue, and They’re Splurging · 27 Jan 2023 podcast

predicts the luxury market's consumer base will expand from about 400 million people in 2022 to 500 million by 2030.

Also, many luxury brands are now offering more fashion items at cheaper price points to meet this diversifying consumer base.

So, you know, people are going for these, they call them like entry level or opening price goods where you're buying, you know, you might not be buying an Hermes bag, you're buying a belt or a scarf.

You know, something that's still expensive, but a little bit less prohibitively so.

People are also looking for luxury at more affordable price points in the secondhand market, which has really been booming.

Definitely not.

And the people who I spoke to for this story are not blowing all their money on luxury.

They are just rethinking how they're spending their money.

So in some ways, this budgeting, this careful budgeting is enabling these splurge purchases, but these aren't always planned.

And it's not necessarily always the best financial decision, but it's what feels the best.

psychologically and people feel like they really need the reminder that they still are leading a good life and have a good job.

You know, these are a lot of people whose salaries have not actually changed.

You know, they're middle income folks who still have good jobs.

It's just that their purchasing power, the amount that they're actually able to buy with their salary has dramatically gone down.

So, you know, it's not everybody who's doing this.

There are so many people who cannot afford to make these large purchases.

So I think a lot of the splurging has to do with the fact that the employment rate right now is still really strong.

These are people who have jobs, who have not taken pay cuts.

Really what they're responding to is the fact that their salary, the same salary they've had for the past year, is going less far.

So these are people who...

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