While the most well-heeled shoppers still think nothing of dropping $4,600 on an Hermes tote, cracks have appeared in the $94 billion U.S. luxury market, especially for companies that cater to "Henrys" -- High Earners Not Rich Yet.

Even the wealthiest aren't outspending Henrys the way they used to. Before the recession, the $250,000-plus crowd was spending as much as four times more on luxury goods than Henrys, said Pam Danziger, Unity Marketing's president. Now they're spending twice as much, she said.

"They're very restrained and feeling very uncertain about their personal prospects and the economy at large," she said.

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