Saturday 22 January 2011
Luxury And The UK 'Cuts' In Spending
I remember back in 2008 everyone was talking about the recession in the UK. Bain and Co had just released their annual review of the industry, suggesting a 7 per cent fall in sales in 2009. They suggested that will be mainly due to "accessible" luxury brands like Ralph Lauren, rather than "aspirational" luxury brands like Gucci or "absolute" luxury brands like Hermes, which they think will continue to do well.
Business Week had then just reported Portero is experiencing a massive upswing of people seeking to sell off their branded items. And then IHT reports on marketing professionals predicting a shift away from conspicuous consumption. "In grim times it becomes distasteful or simply unfashionable to spend money on bling or what you might call conspicuous consumption," said Rory Sutherland, Vice-Chairman at advertising agency Ogilvy. Andy Lear, Head of Planning at the London office of French advertising agency Publicis, said the repercussions of the financial crisis, at that time front page news worldwide for weeks, were simply accelerating a trend that already existed.
"People had already been looking for something more meaningful than just chasing cash and buying things that look flashy," he said. IHT note "certainly, some in the financial services industry who had previously enjoyed a luxury lifestyle say they are starting to question the relentless pursuit of material gain.
Now we have a new government in power the talk is about the 'Cuts' and how are we all going to 'feel the pain'. I have already added my thoughts on our main blog, Discreet Luxury Goods Still Favoured In Financial Crisis but the discussion continues to rumble on, should we really be 'flashing the cash' or 'if you have got it flaunt' is the order of the day? I would be interested in hearing your thoughts on the matter, what do you think?
As we put the finishing touches to our own soon to be launched luxury authentic new and pre owned, online store, will it benefit more those wishing to sell or those wishing to buy?
Content: thank you toJem Bendell
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| Hermes Swift Leather Pochette Kelly |
Business Week had then just reported Portero is experiencing a massive upswing of people seeking to sell off their branded items. And then IHT reports on marketing professionals predicting a shift away from conspicuous consumption. "In grim times it becomes distasteful or simply unfashionable to spend money on bling or what you might call conspicuous consumption," said Rory Sutherland, Vice-Chairman at advertising agency Ogilvy. Andy Lear, Head of Planning at the London office of French advertising agency Publicis, said the repercussions of the financial crisis, at that time front page news worldwide for weeks, were simply accelerating a trend that already existed.
"People had already been looking for something more meaningful than just chasing cash and buying things that look flashy," he said. IHT note "certainly, some in the financial services industry who had previously enjoyed a luxury lifestyle say they are starting to question the relentless pursuit of material gain.
Now we have a new government in power the talk is about the 'Cuts' and how are we all going to 'feel the pain'. I have already added my thoughts on our main blog, Discreet Luxury Goods Still Favoured In Financial Crisis but the discussion continues to rumble on, should we really be 'flashing the cash' or 'if you have got it flaunt' is the order of the day? I would be interested in hearing your thoughts on the matter, what do you think?
As we put the finishing touches to our own soon to be launched luxury authentic new and pre owned, online store, will it benefit more those wishing to sell or those wishing to buy?
Content: thank you toJem Bendell
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