Global market intelligence firm Synovate yesterday released data from a global study on luxury brands that showed two in three people across 11 markets treat themselves to luxury every now and then, but one third feel guilty about it.
Synovate’s CEO for the UK, and luxury research expert, Jill Telford said people have an odd relationship with luxury.
"Some of us feel we deserve it and revel in unabashed luxury. Some indulge in it but feel they maybe should not have. Some cannot afford it, but want it. And for many, it’s simply not even a consideration… the basics in life are tough enough to obtain.
"Of course a recession makes luxury retail even more challenging. Selling things that arguably people do not need during a time when many are at least morally forced to examine their spending patterns makes for interesting times.
"The luxury marketers that are doing well are doing so by knowing their markets and positioning their products just so."