Here is what I see: The retail trade-down phenomenon is drawing to a close. For the past two years, consumers have stretched their dollars, tightened their pocketbooks and looked for bargains. Slowly, we are reversing course. The shift from inferior goods to normal goods is starting to take hold.
In confirmation of the upswing in demand for luxury goods and my above observations, yesterday former Federal Reserve Chairman Alan Greenspan characterized the economic recovery as "extremely unbalanced," with high-income earners benefiting first and foremost from the recovering stock markets and corporate earnings.
-- Written by Scott Rothbort in Millburn, N.J.
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