A great article by the Globe and Mail about how businesses such as Holt Renfrew, Tiffany & Co., and consumers are adjusting to the new economic times. A recent survey they conducted shows:
Almost three out of four wealthy consumers have made recent changes in their purchase of luxury products or services.
More practical in my purchases: 43%
More budget conscious: 43%
More what I need rather than what I want: 30%
Buying more luxury goods, due to available deals: 12%
Buying less luxury goods, due to negative image on downturn: 10%
Buying less luxury goods, due to discounts, less exclusiveness: 9%
Not made any significant changes: 27%
I really think we’re all going to be OK. Although there is an obvious decline in consumer spending and employment, it can’t all be bad. The recession is a time for change and reflection. It can be a time to realize and make efforts towards moving towards a sustainable future rather than a purely consumer one.
You can read the full article here.
Image courtesy of Poloraid-girl