So much for the booming economy for the middle class!
This holiday season, Vincent Cassanetti, 60, a wealthy retired business owner, is helping to keep luxury sales booming.
The Palm Beach, Fla., resident has spent $50,000 on gifts for his wife and children, including $600 shoes from Jimmy Choo and Chanel, as well as designer handbags, jewelry and clothing. That's up from about $35,000 a year ago.
"This is a really good Christmas," he said.
But that's less the case for Eileen Brosko, 70, a retiree who has seen her stock portfolio dwindle to a quarter of its value a few years ago.
"At my age, I am not doing too much buying. I don't feel secure," said the Parsippany, N.J., resident. She, her husband and their family exchanged names and are limiting the price of gifts to no more than $50 each. For her grandchildren, she bought tickets to a show at Radio City Music Hall.