In past recession most luxury brands saw little impact. Mercedes and Lexus automobiles kept rolling off of showroom floors. Hermes bags were still big sellers.

But recent reports show this recession is having an impact on these brands. Executives in high fashion areas say that in this crisis they are suffering like everyone else. The chief executive at Saks Fifth Avenue, Stephen Sadove observed, “I don”t think any of us anticipated that high-end customers were going to fall off as dramatically as they have”.

The good news is a Neiman Marcus you will find $4300 tote bags discounted $1500. What a bargain!

I think this is a key sign this recession will not be like others in the past.