Economy May Be Down But Indulging In Luxuries Is Not
DETROIT (WWJ) - While the economy has been slow and some say there could be a new recession, WWJ’s Rob Sanford reports that’s not stopping some people from indulging in some little luxuries.
Karen Grant, an analyst with a market research company said they call it “pragmatic luxuries” or indulging in things that matter to you.
Grant said up to 70 percent of the population splurge on specialty items like lobster macaroni or expensive cheeses.
With Halloween coming up, nearly 15 percent of consumers say they’ll buy a costume for their pet, making it a nearly $7 billion industry.
It doesn’t stop there though, as nail salon sales have skyrocketed – with people buying everything from blue Chanel nail polish to Justin Beiber branded frangrances.
Grant said it’s all simply an attempt by many of us to add a little fun to our world in the midst of all the madness.