Consumers within the luxury market have a higher level of disposable income, so what we see is consumers still buying luxury but perhaps at a level below. And the ‘lipstick effect’ where during straitened economic times consumers cut back on big-ticket item purchases but still have the cash for smaller luxury items, also remains a factor.”
Quality over quantity will always win, so there is no real hesitation for consumers to spend on high-end goods and gifts. The cost-of-living crisis is somewhat different this time, “Despite the ongoing recession and economic downturns we, as a country, are experiencing, the luxury goods market remains to see growth in better quality, higher ticket purchases, and considered spend. and that comes down to the shift in consumer demands.
and with a core focus on sustainability in many aspects of their lives, fashion and luxury goods are no different and therefore remain unaffected thus far.”Consumers have moved away from spending little and often on poor quality products .
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Ms. Lily Yu
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