Consumer's Spending Is Going Down
Consumers are becoming increasingly choosy when it comes to spending on luxury products, a new report has revealed.
The research conducted by the De Beers Group, polled Domenico De Sole, Mohan Murjani, Michael Kowalski and François Curiel, as well as Barclays Bank and Merrill Lynch.
This latest poll reflects a turbulent time in our economy, as we face an oncoming recession, with people reeling in their spending.
"This dynamic shift will have a lasting impact on the way luxury companies do business," said Stephen Lussier, executive director of De Beers.
If the report is indeed accurate, luxury consumers will create a market for more high-end products, however supply chain standards will face increased scrutiny, reports WWD.