Wealthy People Still Spend Money But Keep Low Profile
2023-04-24
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1With an ongoing war in Europe, high energy prices and food shortages, some wealthy people find themselves wanting to spend their money in ways that do not draw attention.
2Even in the current economic climate, many people who have a lot of money are still buying costly items such as fine wool clothing and leather bags.
3However, they are purchasing items without the large company logos and lettering that were once so popular.
4Some observers are calling it "stealth wealth."
5Stealth is another word for secret or quiet.
6Expert observers who follow the buying trends of wealthy people say they have recently noticed the change.
7They point to the clothing worn by actor and businesswoman Gwyneth Paltrow during her recent televised legal case.
8Paltrow wore clothing from costly makers such as Prada and Celine.
9However, nothing she wore was flashy.
10Things that are flashy are especially bright or noticeable.
11Observers also see the clothes worn by the actors on the popular HBO television show Succession.
12The show follows the wealthy family of a television company owner.
13The actors wear clothes and carry items that look good but do not clearly show the names of the companies that make them.
14On the television show, which is in its final season, viewers have watched for clues about the characters' clothing since 2018.
15Michelle Matland is the costume designer for the show.
16She said the wealthy Roy family on the show does not wear clothing with "bling quality."
17Matland used the real-life Kardashian family as an example of people who wear bling -- clothing and jewelry that are meant to be noticed.
18The Roy family wears dark clothing and baseball hats without logos or names.
19At one point in the story, an outsider gives Logan Roy, the head of the Roy family, a costly but flashy Patek Philippe watch.
20Logan does not say "thank you" and later gives it away.
21Watches of that kind can cost $300,000.
22But the Roy family does not wear items that "look" costly.
23Jodi Kahn is vice president of luxury fashion at Neiman Marcus, an American store that is known for selling costly items.
24She said she and others in her line of work have found that brands such as Loewe, Saint Laurent and Miu Miu have "leaned into the more classic sensibility."
25Martin Pedraza is the head of The Luxury Institute, a consulting business.
26He said the idea of "stealth wealth" comes up every time people get worried about the economy.
27Those who have a lot of money want to dress like average people but they can still afford costly items.
28So companies that make high-priced clothing sell items that do not look extreme.
29As a result, the wealthy person does not clearly look wealthy.
30Pedraza said that happened in the 1990s as well as during the economic recession that started in 2008.
31Even with the current trend of people buying items that are not flashy, Pedraza said some brands will never change.
32They will always want their name in big letters and use bright colors.
33"There will always be people who want the logos" Pedraza said.
34"Chanel could (never) give up its logo."
35I'm Dan Friedell.
1With an ongoing war in Europe, high energy prices and food shortages, some wealthy people find themselves wanting to spend their money in ways that do not draw attention. 2Even in the current economic climate, many people who have a lot of money are still buying costly 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. 3Some observers are calling it "stealth wealth." Stealth is another word for secret or quiet. 4Expert 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 makers such as Prada and Celine. However, nothing she wore was flashy. Things that are flashy are especially bright or noticeable. 5Observers also see the clothes worn by the actors on the popular HBO television show Succession. 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. 6On the television show, which is in its final season, viewers have watched for clues about the characters' clothing since 2018. 7Michelle 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 jewelry that are meant to be noticed. 8The 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. 9Jodi Kahn is vice 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, Saint Laurent and Miu Miu have "leaned into the more classic sensibility." 10Martin 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. 11As a result, the wealthy person does not clearly look wealthy. Pedraza said that happened in the 1990s as well as during the economic recession that started in 2008. 12Even 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. 13"There will always be people who want the logos" Pedraza said. "Chanel could (never) give up its logo." 14I'm Dan Friedell. 15Dan Friedell adapted this story for Learning English based on a report by the Associated Press. 16_______________________________________________________________ 17Words in This Story 18logo-n. an emblem or symbol of a brand or company 19stealth -adj. difficult to see or hear 20wealth -n. the state of having a large amount of money 21trend -n. a current way of living or thinking 22flashy -adj. done with the goal of receiving attention 23item -n. a thing 24luxury -adj. something that is high quality and costly 25character -n. a person in a story 26costume -n. the dress or style of clothing worn by a person in a performance such as a play or film 27bling -n. something shiny or flashy 28to lean in -v. to accept something and put your energy toward it 29classic -adj. something old that is respected 30sensibility -n. the kinds of feelings that a certain type of person tends to have 31afford -v. to have the money to spend on something 32recession -n. a period of economic problems, where spending and profits decline and losses increase 33_______________________________________________________________ 34We want to hear from you. Are you able to recognize "stealth wealth" when you see it? 35Here is how our comment system works: 36Each time you return to comment on the Learning English site, you can use your account and see your comments and replies to them. Our comment policy is here.