Why the Economy Makes Nieman Marcus happy

Apparently upscale stores like Neiman Marcus and Banana Republic are booming, while "low end" Gap and Old Navy are only mildly increasing sales. Or something like that. Anyway, this article attempts to explain why some people are happier than others with the state of the economy. It seems that people making $50,000 and up have increased consumer confidence (and therefore shop in Nieman Marcus), while people making less than $50,000 have decreased consumer confidence (and stopped shopping at WalMart and Old Navy). Who said that the tax cuts didn't favor the rich? Well I don't know about that, but the rich certainly have gotten happier with the state of the economy, assuming their shopping habits are any indication.

Key Quote:It's axiomatic that rich people are likely to be more optimistic and confident than those with less money, so the raw differentials aren't that surprising. But in the past few years, the readings for all income groups have generally moved in the same direction. If the economy were undergoing a broad-based expansion, if a rising tide were lifting all boats equally, you might expect that trend to continue. But the views of the rich and poor are moving in opposite directions. The split results—the growing pessimism of the poor and the growing optimism of the rich—suggest the economy's improvement isn't helping everyone. That is bad news for a lot of Americans, but it may be good news for the Kerry-Edwards ticket.