Will Luxury Spending Save the Economy?
As experts in premium and luxury, we have had a unique perspective on the recent economic downturn. We readied ourselves for a significant drop in businesses as we anticipated that our industry would be hit the hardest. Instead, however, we found an actual increase in our business and a common feeling amongst our clients that they were fairing rather well.
The economic shake-down seemed to be, in effect, a sort of cleansing – removing the pretenders and reinforcing the authentic. It forced people to be more selective about their purchases, so they spent money more wisely on products and services of a genuine higher quality, rather than on many of the phony premium brands that had sprung up as a means to gouge consumers. As the economy has begun its rebound, the premium and luxury space is still driving growth, and portfolio.com asks “Will Luxury Spending Save the Economy?”
Read their insightful thoughts here:
According to research conducted by the Internet Advertising Bureau and design magazine Wallpaper, consumers are more likely to purchase premium and luxury goods based on ads they see online, rather than on TV or in print. Additionally, 75% of premium luxury consumers indicated they go to the Internet first before making a purchasing decision.