While calling it a ‘recession-proof’ market is a little absolutist, it’s certainly one of the most recession-resistant because it plays by different rules than most other industries.
Value for money is the key driver in most industries, but for many luxury consumers, ‘value’ is almost a four-letter word. Of course, luxury and quality go hand-in-hand. More expensive products aren’t necessarily higher quality, but many luxury shoppers certainly perceive it that way – and perception is reality.
Naturally, consumers who want the best are drawn to this perception of quality – money talks.
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