WORLD VIEW
HotList
RISE OF THE RECESSIONISTA
Queens of bling are being quickly outnumbered by "recessionistas." A recessionista is a person who stays fashionable during an economic downturn without spending a lot of money. Very closely related is the frugalista, who is, according to New Oxford, "a person who lives a frugal lifestyle but stays fashionable."
Images courtesy of Götti (above) and Eye'DC (below)
LUXURY GOES GREEN
Luxury consumers are concerned about the environment and luxury retailers need to invest in green marketing. Learn by studying trendsetters who have a following among green-living luxury consumers, such as designer Stella McCartney.
| FOUR RULES TO LIVE BY |
|---|
| Kimberly Castro, U.S. News and World Report's Luxe Life columnist, offers this luxury industry advice for today's economy: 1. Reduce inventory. Scarcity and brand protection add value. 2. Maintain price points. Keep a brand's image of luxury and exclusivity. 3. Slashing prices too deeply can damage the luxe in luxury. Consumers are still choosy with luxury brands. 4. Provide stellar service. Be welcoming and create a feel of exclusivity. |
THE WEALTHY MIDDLE CLASS
According to a survey by ResearchandMarkets.com, the wealthiest 10 percent of U.S. households consists mainly of people with middle class lifestyles and values. They spend conservatively and are not showy. Because this market isn't very knowledgeable about luxury product pricing or brands, retailers have the opportunity to educate these consumers about the brands and why they should buy them.
![]({"src":"/media/2albqhzy/32009.jpg","focalPoint":null,"crops":[{"alias":"thumbnail","width":1110,"height":700,"coordinates":null}]})