Secret sales seems to be how some sellers of highly income elastic goods (or in some cases Veblen/snob goods) are dealing with the recession. Sarah O'Connor writes in today's Financial Times about luxury retailers who do not wish to put gaudy 'Sale' signs up in their business. Instead, they are are inviting customers to discreet events or selling stock cheaply through 'private sale' websites. The reason? They fear that if they explicitly reduce their prices through a conventional sale, the perceived high quality and more importantly the exclusive status their goods enjoy will be tarnished.Luxury retailers resort to secret sales, Financial Times, 20.12.2008.
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