With the market continuing to slide (down about 850 points in two days) after a historical election that was won on a message of hope and change, I'm wondering just how far will the market drop and when will the recovery begin? Where's our traditional after election honeymoon?
Obviously, there is economic uncertainly all around, even in the supposedly immune luxury goods sector.
According the Jeanine Poggi in her article High-End Holiday Deals in Forbes.com, major luxury retailers have already been strategizing for the Holidays.
The luxury sector is facing tough times. That could be good news for shoppers this season.
Once expected to be immune to the economic downturn, the luxury goods market will likely experience sales growth of just 3% in 2008, according to Bain & Company's Luxury Goods Worldwide Market Study, released Oct. 29. This is compared with a 9% surge in 2006 and 6.5% increase in 2007. By 2009 we could see a 7% decline in global luxury sales using constant exchange rates.
"Luxury has already shown signs of promotions," says Marshal Cohen, chief industry analyst at the NPD Group, a consumer and retail market research firm. "Sales prices are apparent in almost every retailer at every level already for holiday. Pre-holiday sale signs are popping up throughout malls across the country and even at the top-end luxury retailers."
Question: If the sales are starting on Black Friday....how low will prices go immediately after Christmas? My prediction...as much as 65% off on some items.
Read her article to see where the best deals will be found.
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