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Recession Confession: Bleak Outlook for Luxury Market

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A new study by the American Affluence Research Center shows that spending among U.S. luxury consumers will hit a record low over the next 12 months, according to Women's Wear Daily. The categories that have been affected the most include designer apparel include fine jewelry and watches, upscale restaurants, photography equipment, art and wine collectibles, and political contributions. After surveying each product category, more than half of the respondents involved revealed that they would be spending less on these items specifically. More than 25 percent plan to spend less on casual dining, entertainment, and home fixtures.—LB

Filed Under: Hot Topics Fashion
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