sorry mom

Gourmet magazine is getting shut down. Worth a mention here mostly because my mother is a long-time subscriber. I don’t know how many meals she has prepared using recipes she found there, and she enjoys trying those new dishes, not just your meat-and-potatoes kind of meals.

On the economics side, we can probably classify this as a luxury good. As incomes have fallen over the last 18 months or so, people will budget much less for non-necessity goods. (I think my mom considers Gourmet a necessity good, but most people would not.) The article focuses on advertising revenue, down by 43%, almost three times the drop in American incomes, so clearly income elasticity is greater than one.

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