The ultra-high-end spa is an urban trend in Los Angeles, Miami and New York,

Those that have store, Web and catalog will be the big winners, ... The consumers tell us they're going to spend their money with brands they know. That's why we call it 'the revenge of the incumbents.'

Handbags are definitely a 'trading up' category. Coach has driven to $1.4 billion in revenues and a market value above $10 billion based on the phenomenon.

We may be seeing one of the greatest shifts in consumer buying habits and taste since the 1950s.