It's simple; people spend money when they feel like they have money.
Spend four decades lauding billionaires and suddenly folks realize that the 'first class' items they can afford are mere trinkets, so why bother? If the King has a golden coach with ten horses, why bother getting a fine horse of your own? That old mule is cheaper and goes as fast.
If it costs $20.00 to eat at McDonald's I'll just buy a steak and cook it myself.
It's approx $40 to get fastfood for my family of 4 now. Those were sit down restaurant prices a few years ago.
Look at things like tickets to pro games or concerts. Teenagers used to get those with after school jobs.
I was talking about this with my dad just recently. How he and I would go to big name concerts in our teens for 20 bucks, or, for him, less but similar when adjusted for inflation. Going to concerts was a common pastime for both of our generations. Those same shows are in the hundreds of dollars now.
Many years ago, I ran into two of my mother's students. Two young ladies from middle class homes. I noticed they were dressed a bit fancy and I asked what they were up to. Turns out you could have tea like Eloise from the kids book at the Plaza Hotel. I can't remember the exact price, but it wasn't wildly out of line with the cost of a Manhattan lunch.
After I read your message I decided to look it up. $150.00 per person. For a light lunch.
The upper classes want to make sure they never have to be within spitting distance of the 99%
And the meal is smaller than ever. I went to McDonalds the other day and got a fish fillet sandwich. It was comically smaller than the last time I bought one. I guess the next time I buy one (assuming that ever happens) it will be on the atomic scale.
I'm not much of a fast food eater, but recently I got some while in a hurry to feed two people.
We got two junior bacon cheeseburgers, one regular cheeseburger, and a medium soda (which, by the way, was comically large--no wonder everybody has diabetes). So that is to say, we got three small cheeseburgers and a drink. It was over twenty bucks. We should have just gone to the fish and chips place down the street where we could have gotten two orders for the same price for more, and better quality, food.
I happened to see this discussion on Reddit last night: What's something you've stopped eating because it's become too expensive?
Hundreds and hundreds of people who apparently didn't get the memo that the economy is just super-duper right now.
Yeah it's true. All the products I see for sale are unappealing and make me think "Who asked for this?" And anything I would pay for doesn't seem to exist because "Oh that's too expensive to manufacture". Feels bad dude.
I ask people 'when was the last time you had something that was "the best"?"
Unless it's some obscure tech/hobbyist item, it's been a while. First class airfare sin't as good as a private jet, and front row concert tickets aren't as good as a sky box.
I had "the best" seats at a comedy show recently, but I had to pay some $250 each for the privilege.
Watch "How To Marry A Millionaire" with Marilyn Monroe.
A one point, Marilyn and her friends are looking at a two story duplex apartment on Park Avenue. "This place must cost $1,000.00 a month to rent!!"
Later they are in a nightclub with a full orchestra, and chorus line, "My God! The cheapest thing on the menu is $5.00"
I am surprised no one told them that the economy is doing well. I know that sure put my mind to rest when we had to tighten the belt.
Maybe they should cut back on avocado toast and fancy coffee?
If you want people to spend money, they have to have money to spend. Stop concentrating wealth in the ownership class.
This is the best summary I could come up with:
That’s a problem not just for individual shoppers or even big retail chains but for the whole American economy, of which about two-thirds comes from consumer spending.
A slew of retailers in recent weeks have announced price cuts as they strive to pull consumers into stores and entice them to spend money on things like new clothes, decorative items for the home and arts and crafts or hobby kits.
It’s telling that these are categories considered to be discretionary purchases, meaning things that are nice to have but maybe aren’t everyday necessities in the same vein as groceries and medicine.
Retail sales rose 0.7% in March from the prior month, a slower pace than February’s upwardly revised 0.9% gain, according to the latest government report.
“It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” Ashley Buchanan, CEO at Michaels, said in a statement announcing the new discounts on April 18.
Last week, restaurant and kids’ entertainment chain Chuck E. Cheese announced what it called “budget-friendly” efforts to make it a more affordable destination for families.
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