Unexpected Decline

Other companies that appeal to high-income households could be susceptible to underperformance if their sales unexpectedly decline, according to David Strasser, a New York-based analyst at Janney Montgomery Scott LLC.

Affluent consumers already have cut back on discretionary spending, based on data from Unity Marketing Inc., which tracks luxury retailing. These Americans spent 18 percent less on expensive goods in the quarter ending June 30 compared with a year ago. The average was $25,833 across 22 categories, the lowest since the third quarter of 2009.

Confidence among high-income Americans fell to negative 21 for the week ended Aug. 7, according to the Bloomberg Consumer Comfort Index. This was their most pessimistic outlook about the economy, buying climate and personal finances since November 2009; in the prior week, their confidence declined the most of any income group.

'Totally Discretionary'

"Luxury goods are totally discretionary and nobody needs any of it, so it's the easiest thing to cut back on," said Pam Danziger, president of Unity Marketing in Stevens, Pennsylvania.

The recent stock-market turmoil will have a "direct impact" on future spending patterns because these consumers are already in a tenuous place, she said. As the value of their homes and investment portfolios rose before the 18-month recession that began in December 2007, high-income consumers were spending their perceived wealth rather than their real income, according to Danziger.

Even amid the economic and political uncertainty of the past several months, high-end department retailers reported strong sales. Same-store comparable sales increased 15.5 percent for the three-month period through July 30 for Saks, the biggest increase in at least four years, the company said Aug. 4. Same- store sales at Neiman Marcus and Nordstrom rose 11 percent and 7.3 percent, respectively, in the same period.

Rising Sales

Retail sales in the U.S. rose 0.5 percent in July, the most in four months, according to data released by the Commerce Department in Washington today.

A rebound in the stock market would temper some of the scare of the past few weeks, supporting continued purchases by high-income consumers, Dye said. Even so, the volatility is likely to have "a lingering negative impact," he said.