The New high-end Consumer
by admin
- ” Please put my Gucci´s goodies in a plain bag!”. Photo courtesy of Wharton
> Can Luxury survive the economy?
“For high-end shoppers on Madison and Fifth Avenues in New York, the hottest must-have accessory for 2009 is not the crocodile cuff bracelet, the snakeskin clutch or the python leather purse — it’s the plain paper bag. That was the consensus of a recent Penn Fashion Week panel discussion titled, “Can Luxury Survive the Economy,” hosted by Wharton.
” Consumers have scaled back on their spending and those who still shop are more discrete….Being ostentatious is dated “.
” Luxury brands are grouping for new ways to stay viable: Cutting prices drastically, appeal customers with new and more affordable products or stepping up service to increase the perceived value. ..The customer is a million times more discerning and a million times smarter now. …They ares starting top buy less and in a more discriminating way”.
….. If ever the heady days of free spending would return…..whisper most of luxury brands…
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