The rich rediscover a taste for spending on luxuries
FT – 4/16/2010
The age of austerity is over, with the well-heeled splashing out on Porsches and Dom Pérignon champagne, according to retailers of luxury goods. The wealthy are more prepared to open their wallets than at any time in the past two years, suggesting they have put the financial crisis behind them.
But they are still looking for value for money and craftsmanship, says a study published today. Flashy labels and glitz have yet to make a comeback.
Karen Walker, senior managing director at investment bank Michel Dyens & Co, said: "Quality and timelessness trump ostentation. Customers are looking for enduring value and quality; they expect quality commensurate with the price."