The recent semi-annual update to Bain’s Luxury Goods Worldwide Market Study predicts a continuance in the luxury industry’s downturn. Honestly, I’d be surprised to hear that anyone expected otherwise.
Although the study showed a 15-20% decline in the first two quarters of this year, there is hope for the rest of 2009. They expect the decline to slow down for the next two quarters resulting in a total decline of 10% for the year.
The market study looks at more than overall totals, though. An in-depth look shows a trend of consumers spending less on their purchases and shopping more carefully. The upper echelon of shoppers seems to be choosing quality over trendy “it” items. On the other side of the coin, the lower end of luxury consumers is considering less expensive designer brands.
Thankfully, many of the top designers already offer their own more affordable lines for the lower tier of luxury shoppers. If Prada is your usual handbag of choice but now seems out of your budget’s range, the brand’s sister line Miu Miu offers different but less expensive options. Michael by Michael Kors pleases the designer’s fans without pushing the $1,000 mark.
Whether you find yourself lucky enough to be in one of these luxury shopping tiers or not, the good news is that there’s a handbag for any price these days without having to sacrifice style. You need only to check out Jessica Simpson’s line to see that.
[Image: kristinamay/Flickr]
