Uh-Oh! Now Even the Rich Have Slowed Down (TIF) (SKS) (RL) (JWN)

Well now even the rich are slowing spending.

According to data from Goldman Sachs' monthly luxury same store, sales index for August sales were up just 6.7% which was a significant deceleration on a one, two and three year basis from June.

For the first time since August 2010, the firm's luxury indicator index did not deliver double digits - rising only 8.7% year-over-year. The drop is being blamed on a drop in consumer confidence, which fell 9% in August, slowing S&P and Swiss watch exports.

With luxury sales highly correlated to the S&P 500 (83%), the recent market sell-off suggests luxury sales could continue to slow.

Related Stocks:
Nordstrom, Inc. (NYSE: JWN)
Saks Incorporated (NYSE: SKS)
Tiffany & Co. (NYSE: TIF)
Ralph Lauren Corp (NYSE: RL)

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