Men may be tightening their belts, but a report by Reuters says the financial crisis hasn’t tempered the shopping habits of women. While sales of Swiss watches and other male extravagances have slumped, women’s handbags from luxury labels like Louis Vuitton and Hermes are enjoying increased sales.
While men react to an uncertain job market by cutting back, women use designer purses and other treats to cheer themselves up.
“Women are also worried about their jobs, but not to the extent that they feel their mere existence is being threatened and so they are in the mood to buy despite the crisis,” said gender marketing expert Diana Jaffe
Eva Kreinkamp, director of marketing agency FrischCo, adds that women are better able to cope as they tend to experience change more frequently in their careers.
Or perhaps men simply don’t have any affordable luxuries to indulge in. While we can snag a designer purse for a thousand or two, a luxury watch costs at least $10, 000. A prestige model could easily cost $50, 000 or more.
“I think the soft luxury category is holding up because it is still more of an affordable treat,” explained Kepler Capital Markets analyst Jon Cox.
Whatever the reason, it’s lovely to know that no matter what the economic climate, we still love to spoil ourselves!
[Source: Reuters]
[Image Source: Bizmac/Flickr]
