At Nordstrom Inc., more expensive merchandise has outperformed the rest of the store, increasing the company's average price point, Erik Nordstrom, the Seattle-based department store's executive vice president, said in a May 12 conference call with analysts.
No Discounts
Full-price selling for Nordstrom is now back at pre- recession levels, Nedialkova wrote in a May 13 report.
Car sales also indicate more resilience among the wealthiest consumers, according to data collected by Schick of Stifel Nicolaus. Unit purchases of "ultra-luxury" cars like a Maserati, which costs more than $85,000, climbed 24 percent in April from last year. Demand for "luxury" autos like Acuras that cost between $35,000 and $85,000 rose 9 percent.
Delaying the purchase of a new vehicle was just one sacrifice HENRYs made after overextending themselves in the past, PNC's Dye said.
"This is a different type of market where consumers can't spend ahead of themselves," leading to a tenuous economic recovery, Dye said. "We're seeing a consumer who can keep pace with the economy right now, but really can't drive the economy forward."