Luxuriating in recession
Caroline Brethenoux
Luxury brands have been hit by less ostentatious attitudes during the recession. Marketing has had to become more discrete and brands have rediscovered exclusivity
The recent credit crunch has impacted luxury consumerism in an unprecedented way. Up to a quarter of high net worth individuals' wealth disappeared and the future still looks uncertain. Sales, discounts and layoffs have now invaded the luxury world. The diagnosis is clear – luxury is not recession-proof anymore.
Through previous economic cycles, the manifestation of luxury may have changed according to people's attitudes, the ability to pay for it may...