Rich Americans cut back on luxury spending

Wealthy Americans cut back their spending on apparel and accessories in the second quarter, spending 8.2% less than they did in the first quarter and nearly 27% less than they did in the second quarter of 2011, as many shifted to lower-priced brands and discount stores, according to Unity Marketing. “They’re still waiting for signs of a sustained recovery, and they’re keeping their eyes on their home values, the stock market and Europe and not all that happy with what they’re seeing,” said President Pam Danziger.

Salvatore Ferragamo, New York (photo

adapted from WWD