Forbes has discovered hipsters. In an article that name-drops both Norman Mailer and Sonic Youth, the venerable business magazine explains to readers what Paul Smith already believes: The creative class might not make a ton of money, but they love to spend. "Unlike similar groups of the past, the current generation of hipsters is a bit more generic in its self-labeling," explains Forbes. "Why? Because this scene is less focused on one idea, one purpose or one type of music. Instead, today's hipster is defined by consumption."
One example: While Abercrombie has struggled to increase sales over the past year, Urban Outfitters stock just keeps rising. It's like the retail version of every Williamsburg resident's secret high school gym class fantasy: In a popularity contest between the arty weirdos and the jocks, somehow the arty weirdos are winning.
· The New Counterculture's Buying Power [Forbes]
· Storecasting: Following A.P.C.'s Lead, Paul Smith Will Open in Williamsburg For more stories from Racked, go to racked.com.