High-end brands have been some of the first to implement strong ESG initiatives, prioritising sustainability within their products, values and overall ethos and this is just one of the reasons I believe the industry to be somewhat recession proof.
The make-up of the wealthy buyer means that money will always be funnelling its way to the prestige brands. Luxury, though, can pretty much sail through any economic headwind. Does this make it one of the few markets you would consider `recession proof`?
However, it certainly has strength to weather the storms better that it was recession proof, cautions Pusterla Pollards` Riddell. People want to be successful and in the world of Instagram and social media, luxury equals perceived wealth equals perceived success .
The luxury goods sector is pretty much recession proof and the shift from high volume, low cost is accelerating – sustainable, long-term purchases are the way forward.
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Ms. Lily Yu
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