Sales of luxury goods rose 9 percent in the second quarter, according to a new report by American Express Business Insights. However, sales slowed toward the end of the quarter in the apparel, accessories, and jewelry categories. According to a Unity Marketing survey targeted toward wealthy consumers, 73 percent of them think we’re still in a recession. Unity Marketing president Pam Danziger noted, “A recession is not only an economic event it is also a cultural one. When affluent consumers believe that a recession is on and might continue for a year or more, they are far more likely to take steps to curtail unnecessary spending.” So are the experts right? Let’s check in with one affluent shopper, Judy Aldridge, mother to fashion-blogging star Jane “Sea of Shoes” Aldridge, who counts attending the Crillon Ball in Chanel couture as a highlight of her adolescence.
“Jane and I both feel that we’re sick of buying. I’m just tired of it. It does feel like we’re moving in a different frame of mind as far as being consumers, I imagine a lot of people are feeling this way. We spent an entire decade based on consumption and it’s just too much. It’s time to think about what’s really important in life, get back to basics, and work with what you have.”
Because the thing is, when you’re a person like Judy or Jane, you have a lot. You don’t need to shop when you have closets overflowing with vintage Givenchy this and vintage YSL that and extremely rare iconic Anne D. whatnot. Check out their fashion treasure trove in the video.
Judy & Jane Aldridge [Stylelikeu]
Luxury Spending Up, But Wealthy More Cautious [Media Post]