Economics
Wealthy Go Frugal This Holiday Amid Uneven U.S. Recovery: Retail
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Last holiday season, literary agent Linda Chester bought herself a sheared sable fur coat and red evening gown, both from Ralph Rucci, and designer suede leggings. This season, the bicoastal fashion lover settled for costume jewelry earrings from SoHo designer Iradj Moini.
“I am definitely tightening my belt this year,” said Chester, who cited an uneven economic rebound and concerns over a possible stock-market bubble, as well as a desire to spend more on charity. “I really am not looking.”