Mac McKay entered this year ready to spend after sales at
his flower shop in Arlington, Virginia, rebounded. He planned to take his first
vacation since the recession and start a $30,000 kitchen renovation. Those plans are dead.
“We’ve cut back on a
lot of things we used to do,” said McKay, 62, who watched revenue at Garden
City Florist sink 15 percent this year. “You can see people tightening. They
were more free with their money last year.”
McKay is what retail consultants call a Henry: High Earner
Not Rich Yet. This cohort has helped a gamut of retailers from Target Corp.
(TGT) to Saks Inc. (SKS) get through a spotty U.S. recovery. Now, as the global
economy slows, the European debt crisis grows and U.S. unemployment ticks up,
Henrys are tapping the brakes after just becoming comfortable spending again,
said Pam Danziger, the president of Unity Marketing....
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