Luxury retailers, hotels and other high-end services have reported a dramatic drop in business in St Tropez, a traditional summer haunt of the rich and famous, as the credit crunch bites.
The number of yachts dropping anchor is said to be down 50 percent while retailers say the high-rolling spending of previous years has become the preserve of only a tiny minority.
In an exclusive boutique selling Italian designer clothes, a sales assistant said the credit crunch had seen a significant change in spending patterns.
“Last year, a customer who left with 8,000 euros [US$12,200] worth of purchases, it was a basic sale. This summer, when we sell 3,000 or 4,000 euros worth, we’re happy,” the sales assistant said.
In previous years, the shop was so busy that there were never enough changing rooms and customers were still arriving at closing time, another assistant said.
In another Italian designer shop, turnover last month was up but the number of individual sales had dropped.
“We have made fewer sales but for sums that were often very considerable ... one customer left with items worth more than 50,000 euros,” an employee said.
The only people still spending big in the French Riviera resort, she said, were those for whom there was virtually no limit.
“Yachts of more than 40m belonging to the super rich are still there, but with the 15m to 35m yachts, there is a very big drop in numbers,” said Guy Chevalier who runs a taxi-boat service charging customers to be ferried to and from their boats.
“We are easily at a third of last year’s business, there are far fewer people coming to Saint Tropez just to anchor for the evening,” he said.
Port director Herve Le Fauconnier said the number of visiting boats was down by 50 percent from last year.
“This summer an average of 30 boats are anchored compared to some 60 in previous years,” he said.
Hotel staff also report that city types are spending their days keeping track of the stock markets rather than relaxing.
“I have never seen this — before our clients came here for a total break. This year they are at their computers from 8am,” one worker at the four-star Yacca hotel said.
At the La Ponche hotel, staff point to faxes detailing vacancies at other establishments.
“In four years, it’s the first time that I have received this type of message. Unfortunately, we are far from being full, unlike last summer,” an employee said.
“People who have a lot of money are ready to spend but they have become more demanding over quality,” estate agent Astrid Michel said.
“When you spend 1,500 euros a day on a private beach, you expect a high level of service. In Saint Tropez, however, it has not always been the case,” she said., ST TROPEZ, France
Luxury retailers, hotels and other high-end services have reported a dramatic drop in business in St Tropez, a traditional summer haunt of the rich and famous, as the credit crunch bites.
The number of yachts dropping anchor is said to be down 50 percent while retailers say the high-rolling spending of previous years has become the preserve of only a tiny minority.
In an exclusive boutique selling Italian designer clothes, a sales assistant said the credit crunch had seen a significant change in spending patterns.
“Last year, a customer who left with 8,000 euros [US$12,200] worth of purchases, it was a basic sale. This summer, when we sell 3,000 or 4,000 euros worth, we’re happy,” the sales assistant said.
In previous years, the shop was so busy that there were never enough changing rooms and customers were still arriving at closing time, another assistant said.
In another Italian designer shop, turnover last month was up but the number of individual sales had dropped.
“We have made fewer sales but for sums that were often very considerable ... one customer left with items worth more than 50,000 euros,” an employee said.
The only people still spending big in the French Riviera resort, she said, were those for whom there was virtually no limit.
“Yachts of more than 40m belonging to the super rich are still there, but with the 15m to 35m yachts, there is a very big drop in numbers,” said Guy Chevalier who runs a taxi-boat service charging customers to be ferried to and from their boats.
“We are easily at a third of last year’s business, there are far fewer people coming to Saint Tropez just to anchor for the evening,” he said.
Port director Herve Le Fauconnier said the number of visiting boats was down by 50 percent from last year.
“This summer an average of 30 boats are anchored compared to some 60 in previous years,” he said.
Hotel staff also report that city types are spending their days keeping track of the stock markets rather than relaxing.
“I have never seen this — before our clients came here for a total break. This year they are at their computers from 8am,” one worker at the four-star Yacca hotel said.
At the La Ponche hotel, staff point to faxes detailing vacancies at other establishments.
“In four years, it’s the first time that I have received this type of message. Unfortunately, we are far from being full, unlike last summer,” an employee said.
“People who have a lot of money are ready to spend but they have become more demanding over quality,” estate agent Astrid Michel said.
“When you spend 1,500 euros a day on a private beach, you expect a high level of service. In Saint Tropez, however, it has not always been the case,” she said., ST TROPEZ, France
Luxury retailers, hotels and other high-end services have reported a dramatic drop in business in St Tropez, a traditional summer haunt of the rich and famous, as the credit crunch bites.
The number of yachts dropping anchor is said to be down 50 percent while retailers say the high-rolling spending of previous years has become the preserve of only a tiny minority.
In an exclusive boutique selling Italian designer clothes, a sales assistant said the credit crunch had seen a significant change in spending patterns.
“Last year, a customer who left with 8,000 euros [US$12,200] worth of purchases, it was a basic sale. This summer, when we sell 3,000 or 4,000 euros worth, we’re happy,” the sales assistant said.
In previous years, the shop was so busy that there were never enough changing rooms and customers were still arriving at closing time, another assistant said.
In another Italian designer shop, turnover last month was up but the number of individual sales had dropped.
“We have made fewer sales but for sums that were often very considerable ... one customer left with items worth more than 50,000 euros,” an employee said.
The only people still spending big in the French Riviera resort, she said, were those for whom there was virtually no limit.
“Yachts of more than 40m belonging to the super rich are still there, but with the 15m to 35m yachts, there is a very big drop in numbers,” said Guy Chevalier who runs a taxi-boat service charging customers to be ferried to and from their boats.
“We are easily at a third of last year’s business, there are far fewer people coming to Saint Tropez just to anchor for the evening,” he said.
Port director Herve Le Fauconnier said the number of visiting boats was down by 50 percent from last year.
“This summer an average of 30 boats are anchored compared to some 60 in previous years,” he said.
Hotel staff also report that city types are spending their days keeping track of the stock markets rather than relaxing.
“I have never seen this — before our clients came here for a total break. This year they are at their computers from 8am,” one worker at the four-star Yacca hotel said.
At the La Ponche hotel, staff point to faxes detailing vacancies at other establishments.
“In four years, it’s the first time that I have received this type of message. Unfortunately, we are far from being full, unlike last summer,” an employee said.
“People who have a lot of money are ready to spend but they have become more demanding over quality,” estate agent Astrid Michel said.
“When you spend 1,500 euros a day on a private beach, you expect a high level of service. In Saint Tropez, however, it has not always been the case,” she said.
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