New York–A new W magazine study finds that luxury consumers are increasingly spending discretionary dollars on jewelry and watches, but predicts that going forward, affluent shoppers will select known brands and pieces that are classic and discreet.
The study found that the recession hit luxury hard in the fall/holiday 2008 season, when 91 percent of the affluent consumers surveyed said they cut back on discretionary spending. In the last 18 months or so, luxury consumers (defined in the study as those with household incomes of $100,000 or above) remain wary about the state of the U.S. economy and their spending habits are still altered, according to Nina Lawrence, W vice president and publisher, who led a breakfast presentation on the study at W publisher Condé Nast headquarters in New York City Tuesday morning.
“Don’t think we’re going back,” Lawrence said. “It is an entirely new world in which affluent consumers are buying.”
Great insight and stats from Nina Lawrence and the team at W Magazine on what the jewelry industry can expect from the world of luxury goods. Click the link above to read the entire article on National Jeweler .