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Quotation of the Day for July 14, 2010
"The picture we've gotten of how and what people buy has been exaggerated," he said, leaning across the table. "Take the kids in this office, some of whom have six-figure incomes. They can't afford to live in this city. Compare that to my father's time. When my father bought his house in nineteen sixty-five, it cost roughly what his annual salary was then. Today, it's different. Take monthly expenses. We now have a mobile phone bill, an Internet bill, a cable television bill, an inkjet printer that eats cartridges, none of which drew down our disposable income a few years ago. The average American household spends more a year on technology-related products and services than it does on clothes, health insurance, prescription drugs, or entertainment." Paco paused. "The poignancy of our era, Lee, is that a significant part of the population worries about downward mobility, which is why the Dollar Stores of the world are winning."
- Paco Underhill, "retail anthropologist", quoted in Lee Eisenberg's 2009 book Shoptimism: Why the American Consumer Will Keep on Buying No Matter What.
Submitted by: Mike Krawchuk
Jun. 25, 2010
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