The economic crisis is crippling the luxury market, as affluent consumers are choosing not to splurge on high-end products. Find out how bad things could get.
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