I spend mountains of money on my family members, but I am reluctant to spend anything on myself. Part of it is outright cheapness, and part of it is the deep belief that I’ve got everything I need pretty much for the rest of my life.
The wallet I carry is a good example of this. I don’t know how many years I’ve owned it, but it’s perfect for me, even though it’s falling apart. Whenever I would present a credit card, it would be partly covered with black flecks, because little bits and pieces of my wallet would come off each time.
Well, this all came to an end when my big dog, Coda, got a hold of it. After just a few moments, here’s what she did to my leather wallet and the cash inside:
So I reluctantly bought a new wallet (and it was cheap, of course).
I bring all this up because many women are well-known for buying lots and lots of handbags. At least the women I know. How many might one woman have? Ten. Twenty. Thirty. Maybe even more. And some of them cost thousands of dollars.
If I were a woman, I’d be a failure in the eyes of the handbag-makers of the world, since I’d have just one lame-ass handbag, and it would probably say Whole Foods on the outside. But I’m a freak. In any event, some luxury makers of crap like handbags are starting to feel the pain of waning interest. Take Coach, for instance, which I’ve mentioned many, many times as a short idea:
And, even more severe, a favorite topic of weekend videos a few months ago – – Michael Kors – – which has been in a slow state of erosion for many, many months (going down about 40%) prior to getting reamed today by about 25% in a single session. (I also read on ZH that they’ve been buying back hundreds of millions of dollars of their own stock, which, ummm, didn’t turn out so well).
The tide is turning, folks.