Luxury Goods are Starting to Nosedive (According to this Article)

It just says used luxury watches are cheaper coz more people are selling them. So people have less money and need to sell their watches... It's not about luxury products nose diving

One of our physicians sold his Porsche which he bought used. He told me he asked the dealer who was buying it his long it would stay on his lot. The buyer told him it was already sold. Supply and demand is still an issue. Do you know why luxury watches are losing value? Smart watches. Gen Z. Nobody needs a piece of gold on their wrist to tell them the time anymore. Home were overvalued- supply and demand, Biden's supply chain failures, cheap loans. Supply has increased, demand has dropped. The problem is that wealth generation in America is going to decrease as long as inflation and the cost of borrowing continues to skyrocket.

If the better stores have trouble selling better quality soft goods, look for the Marshall's and Home Goods to be loaded with great bargains for the Christmas holiday shopping season. 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.

I think people are not realizing the attrition that inflation is having on them. They drive on anyway, keeping that same level of lifestyle. I'm the same way in strip clubs so I can relate but not outside of strip clubs. Very thrifty. Most people are just fucking stupid, especially those often making these types of purchases and with short time horizons, before you know it they are out of money. A la the NFL.

One thing I hear people mention a lot is that a lot of folks, often the ones with all those expensive toys, are over-leveraged and often maintained their lifestyle when $$$ was very-cheap to borrow - but once the economy and interest-rates hit a snafu, so does their life$tyle and thus the toys gotta go to pay the bills and keep their heads above water.

^ i.e. the ole "living above your means" thing

https://tuscl.net/discussion.php?id=80754 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.

Parked next to a brand new 2023 fully decked out Audi SQ7 That’s got to be around $80k. I’ve always been a guy to buy new cars…but damn. That’s ridiculous

^ yeah - cars are just getting too-expensive - and this was already happening pre-pandemic but of course the pandemic made it way worse. 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.

@Motorhead that vehicle the SQ7, new starts at 90K all decked out closer to 125K

https://m.dailykos.com/stories/2022/10/27/2131419/-Today-s-GDP-Report-Shows-Strong-Growth-and-Slower-Inflation 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.

“that vehicle the SQ7, new starts at 90K all decked out closer to 125K” 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

My father lived through the Great Depression. He told me one time that during that period people who had jobs providing necessities mostly stayed employed. It was people providing luxury goods who were most likely to lose their jobs. Since we are heading into a serious recession, people should consider thinking in terms of what goods or service they can provide that people really need and make preparations to move in that direction if needed. 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.

I hear y’all, and I believe this may be true. But I’m writing this in an Uber, on my way to the Ft Lauderdale Boat Show - where there are a lot of people still willing to spend hundreds of thousands of dollars - or more for luxury goods. So much that there is a shortage of inventory, and in some cases, a waiting list to get new boats.

I know a TUSCL member that left yesterday by car to see that boat show from Atlanta. I know he already has a boat on Lake Lanier. He plans to hit a couple of clubs while there too.

I assume that just bc people go to a boatshow it doesn't necessarily mean they're going there to buy - I assume similar to when people go to the autoshow (a lot of people just like seeing the latest and greatest). 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.

^ and there's probably a lot more wannabe-rich people than actual-rich-people

^ I'm sure that's true but damn, they sell an awful lot of boats 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/boating-market-report-demand-continues-to-move-inventory-at-a-record-pace-301596374.html

Papi - I agree that there are always more heavily leveraged wanna-be’s than those with deep pockets. But there are still a lot of people in this town who can throw big money around regardless of the state of the economy. I have given up trying to figure out what these people did to get all this money. But I just know they didn’t make this kind of cash by simply going to work every day.

Ruch people are being stingy af now

Papi - I agree that there are always more heavily leveraged wanna-be’s than those with deep pockets. But there are still a lot of people in this town who can throw big money around regardless of the state of the economy. I have given up trying to figure out what these people did to get all this money. But I just know they didn’t make this kind of cash by simply going to work every day.

Asset prices skyrocketed post-pandemic (and had been doing well pre-pandemic) - I imagine a lot of people made a lot of $$$ in the stock-market and real-estate etc - also there were people that got very-rich very-fast in crypo-currencies - a # of these people were likely able to get in and out of the market in time to lock in most of their gains. 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.