Tight Pocketbooks And Designer Heels?
With the harsh economic realities continually in our face, it is difficult to imagine or justify what seems like excessive spending on those beautiful little designer heels or that lovely new crocodile handbag that magically appeared in the window display. With this new restraint and a shift in spending habits, will the luxury brands be able to sustain?
“The notion of sustainable luxury today must be defined by more than just how the sector conducts business in relation to its environmental and social impact. It must also consider the ongoing relevance of an industry that for many exemplifies the type of rabid consumption and extravagant spending that, in part, gave rise to the current economic crisis in the first place.”
But there is still room for luxury goods in the marketplace. With the number of jobs created through manufacturing and retailing, the contribution of the fashion houses to rebuilding and sustaining the new economy cannot be overlooked. Also, these designers add beauty to the world not only in their creations, but also serving as a source of inspiration for art, creativity and innovation. Their challenge now is to create product that satisfies a new consumer with a different palatte.
The value proposition of a product will have to satisfy a greater number of discerning, quality-hungry customers looking to make a real investment. The days of disposable luxury are over. In addition, those who are still spending will want to make sure their purchases contribute somehow towards a greater environmental, economic and social sustainability.
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