The global luxury market could shrink much more than expected in 2009. Bain & Company explained on Wednesday 29 April that the economic crisis having greatly affected the purchasing behavior of consumers of top-of-the...
Luxury goods sales worldwide could fall 10 percent this year to $201 billion, with the U.S. market in the greatest retreat, according to a forecast reported on Friday 10 April by the Wall Street Journal.
On a recent evening at Mumbai's luxury Taj Mahal Hotel, shoppers tried on sequined sandals and handmade moccasins at Joy Shoes, an Indian family business that has sold out of its only shop for nearly 70 years.
In couture, cut is vital, but Marie Dupuis has found it can also apply to price. Thanks to a little bargaining, a Jean-Paul Gaultier dress she had her eye on for New Year's eve was hers at a 40 percent discount.
Even the wealthiest consumers are cutting spending in the face of the global economic turmoil, which will likely push the worldwide luxury retail market into recession in 2009, a survey showed Wednesday, October 29th.