Consumers of luxury often remain loyal, and therefore will continue to spend as and when they usually would, regardless of the current state of the economy.
People are no longer willing to compromise on their beliefs and values for spending less.”
New Vision Packaging’s Shortland argues that ‘exclusivity’ is the key word. Paying a premium for something is part of the appeal and buying a luxury product becomes more of a visceral emotional experience, rather than a simple transaction. That doesn’t change, no matter how the economy is performing.
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