Women's Wear Daily took a look at what consumers say is a necessity and what is luxury (a word that is continually evolving in this recession).
"The staying power of that change is a core issue facing retailers and manufacturers trying to see around the post-recession curve and measure the mind-set of the buying public ........ continue the rest of the article here.
~ Fifty-seven percent of the respondents said they were shopping more at discounters
“Americans have an aspirational ‘keeping up with the Joneses’ culture. It may not be in vogue now, but I really doubt luxury is going to go away.”
Milton Pedraza, ceo of the Luxury Institute, agreed with Chen, citing members of a recent focus group who said they still seek unique design, quality, craftsmanship and service, and will pay for it “when their wallets are fat again.”