Economic woes hit nouveau riche

I am SOOOOO sobbing in my schadenfreude. Foreclosures are now hitting And, climate change McMansion World while luxury car sales And, climate change are off 13 percent.

The biggest impact is at the entry level of the high-end market — “aspirational luxury” for relative newcomers to upscale living, says Craig Johnson, president of Customer Growth Partners, a research firm.

Nearly four out of 10 consumers averaging $155,700 annual income surveyed late last year by Unity Marketing said they would be spending less in 2008 on luxury goods.

Unfortunately, the real rich aren’t feeling pain yet, the hedge fund managers, the CDO packagers, etc. But, maybe the nouveau riche, or nouveau riche wannabes, will get a wake-up call.