The Luxury Institute’s
survey of affluent consumers found that 36 percent of respondents plan to
decrease overall spending on luxury goods and services through year’s end. Six
percent said they’d spend more.
categories considered vulnerable, jewelry is in the weakest position, the
survey found, followed by home furnishings, gifts, watches, handbags, shoes,
majority of wealthy consumers found fault with the craftsmanship and quality of
luxury products, and half said customer service is slipping. Nearly half of
respondents complained about luxury products’ design value.
The group surveys consumers earning
at least $150,000 per year.