Wealthy People Still Spend Money But Keep Low Profile

Wealthy People Still Spend Money But Keep Low Profile

With an ongoing¹ war in Europe, high energy prices and food shortages², some wealthy people find themselves wanting to spend their money in ways that do not draw attention.

Even in the current economic climate, many people who have a lot of money are still buying costly³ items such as fine wool clothing and leather bags. However, they are purchasing items without the large company logos and lettering that were once so popular.

Some observers are calling it "stealth wealth." Stealth is another word for secret or quiet.

Expert observers who follow the buying trends of wealthy people say they have recently noticed the change. They point to the clothing worn by actor and businesswoman Gwyneth Paltrow during her recent televised legal case. Paltrow wore clothing from costly makers⁴ such as Prada and Celine. However, nothing she wore was flashy. Things that are flashy are especially bright or noticeable.

Observers also see the clothes worn by the actors on the popular HBO television show Succession⁵. The show follows the wealthy family of a television company owner. The actors wear clothes and carry items that look good but do not clearly show the names of the companies that make them.

On the television show, which is in its final season, viewers have watched for clues about the characters' clothing since 2018.

Michelle Matland is the costume designer for the show. She said the wealthy Roy family on the show does not wear clothing with "bling quality." Matland used the real-life Kardashian family as an example of people who wear bling -- clothing and jewelry⁶ that are meant to be noticed.

The Roy family wears dark clothing and baseball hats without logos or names. At one point in the story, an outsider gives Logan Roy, the head of the Roy family, a costly but flashy Patek Philippe watch. Logan does not say "thank you" and later gives it away. Watches of that kind can cost $300,000. But the Roy family does not wear items that "look" costly.

Jodi Kahn is vice⁷ president of luxury fashion at Neiman Marcus, an American store that is known for selling costly items. She said she and others in her line of work have found that brands such as Loewe, Saint⁸ Laurent and Miu Miu have "leaned into the more classic sensibility."

Martin Pedraza is the head of The Luxury Institute, a consulting business. He said the idea of "stealth wealth" comes up every time people get worried about the economy. Those who have a lot of money want to dress like average people but they can still afford costly items. So companies that make high-priced clothing sell items that do not look extreme.

As a result, the wealthy person does not clearly look wealthy. Pedraza said that happened in the 1990s as well as during the economic recession⁹ that started in 2008.

Even with the current trend of people buying items that are not flashy, Pedraza said some brands will never change. They will always want their name in big letters and use bright colors.

"There will always be people who want the logos" Pedraza said. "Chanel could (never) give up its logo."

Words in This Story

logo–n. an emblem¹⁰ or symbol of a brand or company

stealth –adj. difficult to see or hear

wealth –n. the state of having a large amount of money

trend –n. a current way of living or thinking

flashy –adj. done with the goal of receiving attention

item –n. a thing

luxury –adj. something that is high quality and costly

character –n. a person in a story

costume –n. the dress or style of clothing worn by a person in a performance such as a play or film

bling –n. something shiny or flashy

to lean in –v. to accept something and put your energy toward it

classic –adj. something old that is respected

sensibility –n. the kinds of feelings that a certain type of person tends to have

afford –v. to have the money to spend on something

recession –n. a period of economic problems, where spending and profits decline and losses increase

1 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

2 shortages   

n.不足( shortage的名词复数 )；缺少；缺少量；不足额

参考例句：

• Food shortages often occur in time of war. 在战争期间常常发生粮食短缺的情形。 来自《现代汉英综合大词典》
• At the same time, worldwide food and fuel shortages eased. 同时，世界性粮食和石油短缺的现象终止了。 来自英汉非文学 - 政府文件

3 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

4 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

5 succession   

n.连续，一连串，一系列；v.接替，继任

参考例句：

• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。
• His succession as headmaster was not in any doubt.他继任校长是确定无疑的。

6 jewelry   

n.（jewllery）（总称）珠宝

参考例句：

• The burglars walked off with all my jewelry.夜盗偷走了我的全部珠宝。
• Jewelry and lace are mostly feminine belongings.珠宝和花边多数是女性用品。

7 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

8 saint   

n.圣徒；基督教徒；vt.成为圣徒，把...视为圣徒

参考例句：

• He was made a saint.他被封为圣人。
• The saint had a lowly heart.圣人有谦诚之心。

9 recession   

n.（工商业的）衷退（期），萧条（期）

参考例句：

• Manufacturing fell sharply under the impact of the recession.受到经济萧条的影响，制造业急剧衰退。
• A rise in interest rates plunged Britain deeper into recession.利率的提高导致英国经济更加萧条。

10 emblem   

n.象征，标志；徽章

参考例句：

• Her shirt has the company emblem on it.她的衬衫印有公司的标记。
• The eagle was an emblem of strength and courage.鹰是力量和勇气的象征。