Luxury items take a big hit in recession

September 21, 2009 4:57:39 PM PDT
There's a warning for folks who are in the market for a used car. Also, the recession means some good deals for shoppers with champagne taste, but a beer budget.

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Luxury sales had always been considered recession-proof.

Luxury apparel sales fell 15 percent from January through August this year, the market as a whole lost just nine percent.

Big names like Prada and Chanel are discounting and adding lower priced goods to their lines. The Associated Press is reporting many designers are aiming their dress prices in the hundreds of dollars category, rather than the thousands of dollars.

During the last recession, those selling luxury goods actually had sales increases.

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