Walking through the streets of NYC it's quite obvious that retailers are worried about consumer spending. I don't think I've seen so many "mid-season sales" signs before in my life. And the surprising thing is that people are actually buying stuff. Maybe not at the expensive high end but shops are as busy here as always it seems. Same goes for bars and restaurants where my personal impression has been that the crunch hasn't happened yet. I remember the post '00 blues and how empty some of the hot spots were and that certainly isn't the case. (even though i have to admit that those hot spots were mostly banker hangouts and i haven't been to too many of those this time around).
What does that mean? Well I guess the US consumer will surprise us with it's robustness again - albeit it higher volumes at lower prices (hello Walmart). I wouldn't expect any miracles but maybe we're all a little too pessimistic and underestimate just how shopping happy Americans really are (and you only have to look at my friend's fashion blog to realise that)
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