Luxury Trends: “Best of Breed” Staying Strong
Aspirational luxury may be down, with the majority of people cutting back on expenses, the idea of trading up may seem foolish, and those small splurges on aspirational items aren’t as likely as they may have once been.
Despite the shift in behavior, “best of breed” luxury goods continue to do well. The very highest end of the majority of product categories – for instance, bespoke suits, fine jewelry, and cutting edge electronics – show no sign of fading. Even haute couture, which may seem like the first thing to disappear during tough times, is holding steady.
According to this article in the Wealth Bulletin, the top echelons of the luxury market are seemingly recession-proof.
“Absolute luxury” brands, which is consultant speak for “if you have to ask the price you can’t afford it”, grew by 8% last year and will be in “much better shape” than affordable and aspirational luxury this year, according to Claudia D’Arpizio, a partner at consultancy Bain & Company.
Guy Salter, deputy chairman of British luxury brands firm Walpole, said: “Best of breed is crucial. There is still quite a bit of business going on, and the wealthy won’t stop buying expensive and beautiful things.”
In fact, it tends to be industries like haute couture where the tradition of craftsmanship is so deeply engrained that survive and thrive (and after all, if the couture houses made it through the Great Depression and two World Wars intect, the current situation should be a relatively minor threat). This piece in Portfolio details how the couture industry is staying viable:
“We had double-digit growth and the second half of the year was good,” echoed Sidney Toledano, president and chief executive officer at Christian Dior. “I believe that in this world you still have people looking for the exceptional—extraordinary materials and exceptional designs, custom-made by an atelier in Paris.”
Another article in the Times Online supports this claim; it discusses double digit growth by venerable labels like Chanel and Dior, and citing emerging markets as a source of new clientele. Similar trends can be found in other industries; wealth may change hands and new markets will arise while previously strong areas may fall, but in the end, those can afford it will still desire the best of the best.
All the best,
Bill
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