The Transformation of Luxury

As the economy limps along, luxury brands and marketers should be concerned that consumer confidence among the affluent has dropped 18 percent, reaching rates that have not been this low since the middle of the recession in 2007 and 2008, according to a study from Unity Marketing.

But the real story is less about the figures and more about who is driving them. We watched as luxury’s power was turned on its head and suffered an image problem. While luxury certainly isn’t dead, and in fact, is coming back at the elite affluent level, the characteristics, behaviors and tastes of the consumers driving spending continue to change. Here’s what we see happening…

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