“The super wealthy in America are in a state of shock,” said Ronald Winston, honorary chairman of Harry Winston, the jeweler. “They are not rushing out to buy expensive diamonds. The psychological mind-set of the nation is keyed to the stock market, and in a downturn everybody is psychologically affected.”
Yes the super rich are feeling the pinch too and having to make do as we do. Well, maybe not quite as we do. But they are selling off their private jets, and considering putting their 3rd or 4th home on the market, and oh dear, scaling back on those $150,000 to $1 million birthday parties.
The NY Times reports on the suddenly declining lifestyles of the rich and famous> They’re Pinching Hundred-Dollar Bills
Amusing though this might be to us mere mortals, it's going to cut deep into luxury home sales everywhere. And here in the Tucson Foothills it's just another blow to an already slow luxury market whose livelihood depends on big buck discretionary purchases.
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