This is squeezing aspirational middle-income consumers and is making some big spenders a little more discerning ,there is caution from New Vision Packaging`s Shortland. He believes that there is a lot that`s different this time and it would be wise not to be complacent.
Luxury brands shouldn`t necessarily rest on their laurels," he explains. [Much of the current cost-of-living crisis, in the UK at least, stems from soaring energy bills and inflation that is vastly outstripping wage growth.
So, consumers are still willing to pay for those big-name heritage brands, who might actually find business picks up for them through this crisis. Smaller luxury or masstige brands might find this a big roadblock to growth however, as their share of voice will be under real pressure from the big brands."
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