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A Nemo blog. Dealing with uncommon cents.

Instead of frequenting the usual high-end haunts of Saks and Bergdorf’s, shoppers are now hitting invitation-only events, private showrooms and even soirees in their friend’s houses to get their shopping fixes. People don’t want to be spotted in public buying mounds of luxury goods during these harsh economic times; they’d much prefer to be stealth about it.

Besides just shopping without the glaring eyes and guilt, women are also loving the influx of invitation-only events because they’re getting a chance to gossip and catch up with friends while spending money. A trick of many of these multi-day events is to donate a small percentage of proceeds to a charity organization, which further encourages spending without the guilt.

Even more discreet shoppers have turned their attention to the web, scouring Ebay and other high-end sites for discounted designer deals. Even with the gloomy economic outlook, there’s no doubt that major shopping is still taking place. It’s just that this time around, the goal is to not be seen or heard.

Photo courtesy of The NY Times

According to the NY Times, even luxury goods are not exempt from the faltering economy. High-end Fifth Avenue department stores including Bergdorf Goodman are luring in shoppers with enticingly deep discounts. Customers are now digging though designer handbags on tables with prices slashed upwards of 40%. The New Yorker’s Patricia Marx has even remarked that “Sixty percent off is the new black.”

Surprisingly, established luxury retailer Saks dug even deeper than its competitors, dropping the prices of much of its fall fashion up to 70 percent. Customers were so shocked that they assumed that many of the price tags were misprints.

A just released MasterCard Advisors report lists luxury goods sales as being of nearly 25% off this year when compared with last. The era revolving around the endless drive towards high-end consumption appears to be drying up fast.

The NY Times raises the question that everyone is pondering: With such deep discounts on luxury goods, consumers are left wondering what the astronomical mark-ups were in the past. And, now that they’ve witnessed these bargain basement prices, will they be willing to pay full price ever again?

With hard economic times now resonating worldwide, it was only a matter of time before online luxury retailers like Net-a-Porter had to adjust their marketing strategy. Before the recession, the goal was to sell unapologetically expensive designer clothing shipped in glamorous black boxes. Now, a new mass email features a photo of two 50’s era women sharing a secret with the headline of “You’ve Been Shopping – We Won’t Tell…” The subtext cheekily reads “Your items will arrive in an unbranded recycled brown paper bag and we’ll be the only ones who know.”

This newfound move towards more discretional shopping is in part due to the guilt complex with buying a piece of designer apparel that easily runs upwards of a few thousand dollars while many people are struggling to make ends meet. Conspicuous consumption is now a dirty word.

Even though consumer confidence has fallen to its lowest level in 40 years, a small percentage of the population wants to keep on shopping. They just don’t want family, neighbors and coworkers to know about it.

Now here’s a very simple and concrete way to save some trees…sign up to stop the unwanted delivery of the Yellow and White pages. Here’s the link, it takes about 30 seconds..

On Tuesday, hope for a bailout on behalf of the Big Three automakers faded even further. Democratic congressional leaders chastised the CEOs for failing to convince them that a $25 billion bailout would be well-spent and gave them a set timetable of 12 days to prove otherwise.

This point was made glaringly obvious when Sentator majority leader Harry Reid called attention to the three CEOs for each flying into Washington separately on private corporate jets.

“There’s a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hands,” Democatic representative Gary L. Ackerman said. “It’s almost like seeing a guy show up at the soup kitchen in high-hat and tuxedo. I mean, couldn’t you all have downgraded to first class or jet-pooled or something to get here?”

If any of these CEOs had any common sense, they would have chatted with Guy Kawasaki beforehand about proper etiquette in this sensitive situation.

In The Art of Laying People Off, rule #6 is Share the pain:

When people around you are losing their jobs, you can share the pain, too. Cut your pay. In fact, the higher the employee, the bigger the percentage of pay reduction. Take a smaller office. Turn in the company car. Reassign your personal assistant to a revenue-generating position. Fly coach. Stay in motels. Sell the boxseat tickets to the ball game. Give your 30-inch flat-panel display to a programmer who could use it to debug faster. Do something, however symbolic.

In layman’s terms, flying to meetings (no matter how important) in a private jet to ask for billions of dollars just makes you look like a total ass. As Dana Milbank says, “There are 24 daily nonstop flights from Detroit to the Washington area. Richard Wagoner, Alan Mulally and Robert Nardelli probably should have taken one of them.”

Credit card offers, which were once a dime a dozen are quickly evaporating. Due in part to the nation’s financial crisis, big lenders including Citigroup, Bank of America, American Express and Target are scaling up their requirements for applicants. In the meantime, current cardholders are being hit with shrinking credit scores as their limits are reduced, sometimes without notice.

Even cardholders in good standing may still may be afflicted. Many American Express cardholders have noticed a jump of up to 3% on their interest rates.

Card issuers are aware that their pool of eligible customers is rapidly evaporating. According to research analyst Lisa Hronek, “People are completely maxed out with mortgages, home equity lines and credit card debt.” With the lure of quick credit gone, consumers are unable to keep transferring balances from one low interest card to the next.

There is one upside to the credit crunch, though. The overwhelming amount of junk mail for credit card offers should begin slowing to just a trickle.