In the midst of the financial crisis this fall, menswear company Brioni launched it's most expensive made-to-measure line ever, with the price for a man's suit topping out at $43,000. They've sold 30 so far, and the outlook for 2009 is good.
In the 'Elite of the elite' still spending The Australian reports that the top 1-2% of global consumers are still spending:
"The outlook for high-end labels, it turns out, depends on where in the luxury hierarchy they are located. Retailers took a holiday beating in December, and consulting firm Bain & Co expects demand for luxury goods this year to fall by 3-7 per cent overall. But at the market's upper-most crust - which Bain defines as 70 brands including Loro Piana and Harry Winston, as well as Hermès, Van Cleef and Brioni - sales for 2009 are expected to hold steady or grow moderately, following growth in 2008 of 8 per cent..."
Other choice quotes:
While middle-income consumers have cut spending because of their income, "that's not the case with the wealthy," says Carl Steidtmann, chief economist at Deloitte LLP. The wealthy are "constrained by guilt, and that's the hurdle high-end brands have to overcome."
Very wealthy people may not be buying as much as they used to, but they aren't reducing their standard of living...
Very wealthy people may not be buying as much as they used to, but they aren't reducing their standard of living...
