How the stock market stole Nordstrom's Christmas

There may be more disappointment in store for luxury retailers, according to Goldman Sachs economist Daan Struyven.

• Struyven argues that 2018's stock market losses will have a "meaningful effect on the spending of wealthy households," and that "spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices."
• In fact, he predicts it could take half a percentage point off U.S. GDP growth in 2019, with overall tighter financial conditions knocking off 1%.

The bottom line: "While the share of equities owned by the wealthiest households has risen over the last three decades, equity holdings have more than tripled as a share of disposable income at the aggregate level and have also risen substantially for middle and upper-middle wealth groups. Therefore, a 1% move in stock prices now has a much larger impact on wealth levels for most groups."

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