With recessions and economic uncertainty plaguing retail all over the world, you would think products like $39,000 handbags wouldn’t do so well, right? Wrong. Apparently, the luxury market has been doing so well it’s spawned a new market: hyper-luxury.
Instead of tightening their belts, wealthy shoppers are just raising their standards, according to WWD. People want to invest (if you can call it that) in extra special things, even if that special touch, whether it’s an exotic skin or customization, makes the item that much more expensive. And designers like Fendi, Tom Ford and Victoria Beckham are more than happy to cater to those people.
Alber Elbaz puts it nicely: “If a handbag is the price of a house,” he says, “the customer wants to make sure she’s the only one who’s got it.”
Are these things expensive enough for you, luxury customers?