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BoF Daily Digest | Recession spending, Tory Burch’s new store, Chinese consumer anxiety, Engagement bling dips
Recession, Spend They Must: Luxury Shoppers Anonymous (New York Times)
Consumers who can afford luxury items are shopping discreetly.
Tory Burch opened a Meatpacking District store with very little fanfare.
According to the WWD, “China’s economy is being hit by the global economic downturn, and its consumers are feeling the pinch.”
“This year, some jewelers say they’re noticing consumers cutting back” on purchases of rings for engagements.
Photo courtesy of the New York Times.
Just thought I will add my 2 penny worth as I read about these topics often. Came across another very interesting blog through wiki on luxury business and recession by this academic’s blog. http://pauravshukla.blogspot.com/2009/05/luxury-brands-in-recession-developing.html The guy writes quite frequently about luxury business in recession and the views are pretty interesting.