All Hurt When Rich Spend Less

They say that when the rich cut back from spend money it hurts not only the economy, but the people who been serving from them for years. This article is by Anne D'Innocenzio and her interview with Dali Wiederhoft a 52 year old woman who has cut her spending on clothes to $500 per month from $3,000. While interviewed Anne asked why cut back when you have so much money to spend on lovely things you like to buy. Dali reason for cutting back on spending  was because she feel it's time to have cash, not to spend." So, I'm cutting where ever I can," she said. She even cancel the services of a cleaning woman and a lawn care company. Dali also plans to trade in her BMW for a Ford when her lease expires in about a month. Such reined in spending seems to b the end of a winning strike for luxury retailers that once appeared immune to the economic slowdown. Tiffany & CO. and Willams-Sononma Inc. both reduced their earnings outlook and may miss it's 2008 profit forecast.