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Luxury-goods prices are going down. "With even the biggest spenders starting to scrimp, luxury companies from Chanel S.A. to Versace SpA, Christian Louboutin and Chloé are reversing the industry's maxim that luxury prices only move up. The cuts range from 8% to 10% on most products sold in the U.S." This won't really hurt European brands, though; given the dollar's current relationship to the Euro, they're actually earning more than they'd planned on anything they sell in the States. [WSJ]
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