Conspicuous abstinence
John Woodward
It might seem perverse, writing from the Champs-Elysées, to talk about the challenge to conspicuous consumption. Not 200 yards from our office is Louis Vuitton's flagship store, and it has been closing two hours early for the past few weeks because it cannot secure a large enough stock of expensive handbags to supply the crowds of Chinese, Japanese and others who flock there.
However, among the French, and among young adults in 'mature' consumption countries around the world, a new type of consumer is appearing – one who rejects the idea that consumption is a good...