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Leadership :: Worth Less - Spend Less?
It's a commonly held maxim that luxury products are "reccession proof." Not so fast, according to a recent survey by the Luxury Institute, which monitors the attitudes of the affluent. The institute found that a full 40% of respondents earning $150,000 or more say that a decrease in the value of their assets would cause them to consider purchasing fewer luxury goods and services. Not surprisingly, the further up the income level, the less inclined are the affluent to cut back. But with recent hits to real estate values and the stock market, luxury operators should be wary of looking through rose-colored glasses at the next recession.
To read more about the Luxury Institute and their findings, click here http://www.luxuryinstitute.com/
March 30, 2007
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