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You are here: Home / Let them drink Veuve Yellow Label

Let them drink Veuve Yellow Label

by DougJ|  May 27, 200910:05 am| 12 Comments

This post is in: Going Galt

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There’s long been a theory that certain parts of the luxury goods market are recession proof. I guess not:

Britain’s millionaires, who more than doubled in number between 2003 and 2007 as property prices soared, have seen their wealth drop by almost a quarter in the past year, the CEBR said.

“It looks as though the experience for millionaires is relatively similar to that chronicled by the Sunday Times for their rich list, which showed a fall in the number of U.K. billionaires this year from 75 in 2008 to 43 this year,” the CEBR said.

The newspaper showed a 38 percent drop in the wealth of those on the list of the nation’s richest individuals, larger than the 24 percent decline estimated for the average U.K. millionaire in today’s report, the CEBR said.

The wealth squeeze has also hurt luxury goods sales. The CEBR cited reports saying that sales of Bentley Motors Ltd. cars fell by two-thirds so far this year, while Bayerische Motoren Werke AG car sales are down 35 percent.

But that’s just the UK: I’m sure the Galt’s Gulch Bentley dealership is doing just fine.

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Reader Interactions

12Comments

  1. 1.

    Zifnab

    May 27, 2009 at 10:07 am

    The Obama Recession strikes again!

  2. 2.

    The Other Steve

    May 27, 2009 at 10:09 am

    Andrew Bacevich is on the radio right now.

    They’ll probably have the audio from the show up later today. Anyway he’s doing a book signing and speaking at St. Joan of Arc’s church in Minneapolis tonight at 7pm. I’m going to see if I can go.

  3. 3.

    cleek

    May 27, 2009 at 10:16 am

    this guy actually went Galt. so, that’s one.

  4. 4.

    The Grand Panjandrum

    May 27, 2009 at 10:19 am

    @The Other Steve: If you haven’t read his book (you know the one Cole promised to review and discuss … ahem) The Limits of Power you really should. I read it a few months ago and am reading it again right now. It should be required reading for everyone who cares about this country.

  5. 5.

    The Other Steve

    May 27, 2009 at 10:23 am

    @The Grand Panjandrum: I bought a copy for my father at Christmas. I’m waiting for him to finish reading it so I can. :-)

  6. 6.

    gbear

    May 27, 2009 at 10:36 am

    MPR ran a story this morning about how luxury goods manufacturers are offering smaller versions of their products to keep their elite customers happy. Some guy is making a killing with 4″ long cigars called ‘Nubs’, and perfume makers are offering 1/3 oz. bottles of fragrences. Appearances must be maintained.

  7. 7.

    jonas

    May 27, 2009 at 11:34 am

    I’m sure the Galt’s Gulch Bentley dealership is doing just fine.

    Hey, as Limbaugh said, it’s only a recession if you “choose” to participate.

  8. 8.

    Comrade Dread

    May 27, 2009 at 12:03 pm

    I will try to hold back my tears for the poor plight of the endangered billionaires as I walk past the increasing number of homeless people on my way to work.

  9. 9.

    Mike S

    May 27, 2009 at 12:55 pm

    My brother in law sells Bentlies and Rolls Royces. Sales are way down.

  10. 10.

    TenguPhule

    May 27, 2009 at 1:53 pm

    I will try to hold back my tears for the poor plight of the endangered billionaires as I walk past the increasing number of homeless people on my way to work.

    I will be sure to light a candle for them when they’re up against the wall when the revolution comes.

  11. 11.

    asiangrrlMN

    May 27, 2009 at 2:25 pm

    @The Other Steve: I heard the tail end of the interview. I’m putting the book on my wishlist.

  12. 12.

    Linkmeister

    May 27, 2009 at 2:51 pm

    Of course the number of British millionaires has fallen: the expense scandal in Parliament has hurt MPs terribly!

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