PP in a Great Depression Scenario

[yankees60]

Consumer Discretionary, anyway

Whether you call it Consumer Discretionary or luxury .. we can agree on the other end of calling them non-essential purchases?

You can live, as many in the world do, without them?

[yankees60]

These are the kinds of stories I find a lot more interesting these days than the general rate of inflation. There's this phenomenon that's starting to be named "luxury poverty" to describe a sort of inversion of the historical norm; now poor people can now afford the latest iPhone and a nice vehicle (at least through long-term financing) but there's no possible chance they can live in a good part of a good city, and their food and healthcare bills grow all the time while quality falls. They'll be unable to build home equity and have to spend 2 hours a day driving to and from work while their health deteriorates — but they'll have a never-ending supply of Netflix and Xbox games for a low monthly price, and free 2-day shipping for all the junk they could want!

Is this inflation? Well, it's inflation of the necessities, coupled with massive deflation of the luxuries.

Hmm, I don't think this last line sums it up for me. I wouldn't consider Netflix and Xbox games luxuries, like I would a Rolex.

I would consider a good home in a good city a luxury. A necessity would be an average home in an average city.

Food is a necessity, while high quality food is a luxury.

To me, inflation seems to have a greater impact on luxury goods than on necessities.

however many high end goods do last far longer so the greater price increases can be offset. by owning and using them longer .

my original north face jackets , shell and pants i bought in the 1990’s is still my winter gear today as an example

I still use my high-end Olympic winter mittens I bought in 1977 and the high-end vest I bought in 1980.

Forgetting the name of the relatively expensive store (sporting wear oriented?) that is STILL around.

[yankees60]

This is the place I bought those items from. Thanks to Perplexity Pro!

"The store you're thinking of is likely Eastern Mountain Sports (EMS). EMS is a high-end sports and outdoor goods retailer that has been around since the 1960s and is still operating today. Known for quality winter gear such as mittens, vests, and raincoats, EMS fits your timeline of buying Olympic mittens in 1977 and other quality apparel in subsequent years, while still being in business."

[mathjak107]

correct , i bought them at EMS back then .

it cost me 1k back then for the shell , the down liner , and the shell pants and fleece pants .

everyone thought i was nuts .

well i am still wearing it decades later ..

been camping out in snow in tents and hunting in it for years

one year it was so cold we were cooking pasta and we put the pasta down on a rock while we made the fire .

the pasta and water froze in the pot