Luxury trends for 2009
Luxury Institute has created its usual trends for the year ahead. This time, however, there is an economic crisis which will affect the industry in multiple ways. First, the number of wealthy ‘mass consumers’ (those on decent incomes who aspire to rich lifestyles) is likely to drop as people tighten their belts or become unemployed; second, even the mega-rich have lost some money on the markets – steel magnate Lakshmi Mittal has seen £16bn wiped off his fortune.
But The Luxury Institute takes the view that everything is cyclical and this is a time when those brands with the potential to last in the long term need to invest more than ever. The trends for 2009 are as follows: