Clearly there are still people with money. But as one rich person—with lots of money in the bank, and gold bars in the basement—told me yesterday austerity is the new spendy. She has the money but just feels guilty spending it, when others are poor.
But would she feel so guilty if the money were going to a good cause?
Los Angeles Times: Some brands, aware that spending millions on parties in the current economy might seem too extravagant, are partnering with nonprofits to add what they call an emotional aspect to their marketing campaigns. The Damiani-Angeleno event raised money for inner-city art programs. And during a ball sponsored by Lugano Diamonds that raised money for cancer research, guests watched as a cancer patient met, for the first time, a man who had given him bone marrow.
Such a feel good moment...Mrs. Rich, are you sure you don't want to buy a necklace now?
"The nonprofit element of these parties certainly would alleviate the apparent gluttonous nature," said David Winter, president of the Luxury Marketing Council of Southern California.
Hmmm, here's another way to not feel guilty—give to the charity directly!