The Lux List / Billionaires

How The Luxury Consumer Will Spend In 2009

According to Forbes, wealthy consumers will spend, but differently than before. Exclusivity will be embraced as will quality and dependability. What’s more, luxury brands will begin offering discounts and incentives-something many have never done before. “The days of shopping ’til you drop are over,” says David Lamb, chief strategic officer at diamond giant De Beers, […]

Jan 15, 2009 | By Luxuo

According to Forbes, wealthy consumers will spend, but differently than before. Exclusivity will be embraced as will quality and dependability.

What’s more, luxury brands will begin offering discounts and incentives-something many have never done before.

“The days of shopping ’til you drop are over,” says David Lamb, chief strategic officer at diamond giant De Beers, which, with London-based market research firm Ledbury Research, recently examined the changing demands of the high-net-worth customer.

Despite the tough times, luxury is not disappearing – but it is changing. In addition to seeking fewer, better items, consumers will demand for socially and ecologically produced goods.

While shoppers seem to recognize “green washing” (when a company overstates or misrepresents its environmental commitment), they do expect luxury companies to adopt ethical practices.

That’s because consumers know more about manufacturing and production than ever before, and as more luxury goods are made in places other than mainland Europe, shoppers are looking to ensure that they get what they pay for. Via Forbes /Photo: Getty Images


 
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