Even Boulevard Saint Germain Feels the Downturn

AN INTERESTING LOOK at how the French luxury industry is dealing with the recession in today's IHB. The article (read it here) takes a pretty honest look at the industry and at French culture in general. Money quote:

France's national identity may seem wrapped up tight in the aura of luxury — elegant dress, sophisticated perfume, good food and wine, and no shortage of Champagne for the flimsiest of celebrations. But even though the French more than most Europeans appreciate the finest quality they can afford, they pride themselves on balance. France remains a deeply conservative country, one in which it traditionally has been unacceptable to show off material possessions. Most French use debit cards, not credit cards, which means they tend not to spend more than they have in their bank accounts. Getting a mortgage is a torturous process.

An good read.
CJS