A number of things can influence consumer spending behavior. First, of course, is reality -- that is, not enough money on hand to cover everything that is needed as well as desired.
Peer pressure and news reports also play a role. If people they know are scaling back or they get the feeling that many others across the country are doing the same, then serious belt-tightening suddenly becomes contagious.
Finally, any sign that celebrities and other trendsetters are taking up the cause can also spawn me-too behavior. If the following Daily News article, "Sarah Jessica Parker's Hits the Red Carpet in a $9 Dress," accurately depicts an emerging trend, then odds are plenty of Americans will soon view conspicuous consumption in a new light.
Loccisano/FilmMagic
Sarah Jessica Parker, with hubby Matthew Broderick, proves a $9 dress can make you look like a million bucks.
Never one to miss a hot fashion trend, Sarah Jessica Parker is jumping on the recession chic bandwagon.
The fashion forward "Sex and The City" star ditched her usual designer-wear on the red carpet this week, instead sporting a pale-blue flower printed sun dress from her own Bitten label, which is available from budget fashion chain Steve & Barry's for just $8.98.
The 43-year-old actress, who is reprising her role as label-loving Carrie Bradshaw - who favors designer outfits worth tens of thousands of dollars - in "Sex and the City: The Movie," has created over 1,000 items for her cut-price line, all of which retail for under $10.
"For a lot of people - young women, middle-age women, regular women - there is this idea about wanting fashion in an affordable way. They are living in a less rarefied world," Parker explained on the red carpet.
In fact, paying less even gives you more to brag about, according to SJP.
"People have bragging rights about what they paid," she added. "I admired a woman's pair of pants at a party recently and she said, 'Fourteen dollars! H&M!' It really is, among the people I know, part of what they do now."
And, there's good news for all local style followers keen to get a piece of the action. Steve & Barry's is set to open a new Manhattan flagship store showcasing Parker's new Bitten line at 692 Broadway, the space formerly occupied by Tower Records.
Yes there is going to be a lot of pain.Why? because the great majority of the public is more interested in fun & self gratification than the hard work of studying economics political science, philosophy, the arts from all the great minds from the extreme left ,center & far right.History does not repeat itself but stupidity is eternal and with it comes great pain and suffering
Posted by: roger pasa | May 03, 2008 at 11:31 AM
US Farmers Give Up Fuel, Use Mules
http://www.liveleak.com/view?i=1c6_1209738332
Posted by: FB | May 04, 2008 at 03:21 AM
Dear Michael,
You should feature the article. It's downright scary.
Economy great - for pawnshops
http://www.philly.com/inquirer/home_top_left_story/18479604.html
Posted by: FB | May 04, 2008 at 08:33 AM
I'm not sure this counts as a celebrity paying attention to economics, except to her own. This gal OWNS that label--of course she'll wear it. I'd be rather more impressed if she were wearing something off the rack from WalMart.
Posted by: Jes | May 04, 2008 at 10:22 PM
I'm not sure this counts as a celebrity paying attention to economics, except to her own. This gal OWNS that label--of course she'll wear it. I'd be rather more impressed if she were wearing something off the rack from WalMart.
Posted by: Jes | May 04, 2008 at 10:22 PM
Sarah Jessica Parker would look like a million bucks in a flour sack.
Posted by: Sackerson | May 05, 2008 at 07:30 AM