Friday, March 12, 2010

The rich are spending again, the poor - not so much

Good news for economy - but is it good enough?

(image from here)
CNBC: High-End Consumer Is Back: Collective Brands CEO
The high-end consumer is making a comeback, but mainstream consumers have yet to rebound and unemployment is to blame, Matthew Rubel, Collective Brands chairman and CEO, told CNBC Friday.

Rubel said he has seen proof of this in his own company, Collective Brands [PSS 22.00 -0.29 (-1.3%) ], which owns both discount shoe retailer Payless and premium shoe brands such as Saucony and Sperry.

The wide array of brands in Collective's portfolio allows Rubel to see what's happening with shoppers across a number of income levels.

"The premium consumer is clearly back," Rubel said. "So that upper one-third of consumers, their portfolios are recovered. They're not as worried about jobs right now and so they're back out shopping and when they are in the stores they are buying."

At least we all know who the stimulus influenced. If you say the political measures taken have caused the high end consumer to rebounce - then clearly this statement is not political.


No comments:

Post a Comment