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MONDAY, NOVEMBER 23, 2009
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Rich Feel 'Guilty' Spending Now: Poll

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(Newser) – Even the still-rich are unhappy in this economic climate, though their dolor is more likely to come from shame than anything else, USA Today reports. 54% of people who have $100,000 to spend after such mundane things like mortgage payments and taxes “feel guilty purchasing luxury goods” nowadays, according to a survey. But it’s not just because of the disapproving glares of the masses.

In fact, 53% of the well-off actually fear they will run out of money. The group makes up only 10% of households, but is responsible for more than half of retail sales. In advice that still assumes a certain remove from the average Joe, an adman suggested luxury retailers market products with words the affluent “can use at a dinner party to justify their purchase.” Like, say, “vintage.”

A man poses with shoes at the Millionaire Fair in Munich last year.
A man poses with shoes at the Millionaire Fair in Munich last year.   (AP Photo)
A man shops for a necktie at the Hermes Paris store in New York.
A man shops for a necktie at the Hermes Paris store in New York.   (AP Photo)
A woman peruses shoes at a Hermes Paris.
A woman peruses shoes at a Hermes Paris.   (AP Photo)
Shoppers look in through a window at Tiffany & Co.
Shoppers look in through a window at Tiffany & Co.   (AP Photo)
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5 comments
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Robert_Dada
Apr 30, 09 3:25 PM CDT
Poor babies. Makes ya wanna cry huh? Reply
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RobN
Apr 30, 09 7:05 PM CDT
The rich will get by just fine. The people crying are the clerks at the Prada store, the carpenter who works on fancy house renovations, and the guy who does maintenance work at the Mercedes dealership. It obviously makes you feel good to take a shot at rich people, so can I assume you're going to be perfectly happy to chip in for the unemployment benefits for all the people who depend on their disposable income?
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AnnieChrist
Apr 30, 09 3:36 PM CDT
How they spend their money is irrelevent, the important question is how some of these super rich obtained their money in the first palce. If their wealth is the result of closing their factory here, putting 1000's out of work so as to gain them another $100 Million in profit, they should be ashamed. If their 'American' corporation is now headquartered in the Bahamas or Caymans, to avoid paying into the US Treasury, they deserve our scorn. If they turned the capitalist system on its ear by manipulating the stock market like a mafia casiono boss, they should be embarrassed. As we know though, these people have no shame, their greed knows no boundaries, and conscience is just a word in the dictionary. Reply
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kansas1946
Apr 30, 09 5:40 PM CDT
Don't feel guilty, guys. Go ahead and spend, spend, spend. Like no other time in recent history, spending is actually patriotic. We need to get this economy moving. SPEND!! :o) Reply
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Reader71485694
Apr 30, 09 11:06 PM CDT
There is a high-priced eyeglasses store nearby: frames start at $400. I asked them.. they said they are doing just fine. Said their clientele is not hurting or holding back. So I smell the droppings of a bull. Reply
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