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Posts with tag luxury market

Drop in Demand for Luxury Cars Continues


Do luxury markets really hold up better than others during an economic crunch? Many experts say no, and it would seem the steady decline in luxury auto sales is backing them up. Estimates say that automobile sales fell in March, which would mark the 5th straight month of decline and could result in the lowest numbers since 2005. Analysts speculate the drop in auto buyers has to do with several factors, including higher-end buyers holding onto their vehicles longer (waiting for the market to improve) and fewer entry-level lux auto owners being able to afford to buy right now due to increasing costs in other areas of their budget.

Newsflash: It's Expensive Being Rich


I can't believe I'm about to say this: Oh, those poor rich people.

But it's kinda true, if you're in a generous and sympathetic mood and willing to look at the numbers. The more money you have the more money you need, it's as simple as that. The luxury market and the prices of luxury goods is rising at about 3 times that of the standard market and of standard goods. Part of the reason for this is the fact that although there's more and more money floating around in the world there is still a finite amount of goods to be purchased with that money, and for people with money to spend status symbols become almost exclusively defined by their price: the higher the better.

It's a LOT more complicated than that, but it really can all be summed up in the simple phrase "it's expensive being rich!"

"Young Affluents" Are The Future Of The Luxury Market

All industries must grow and evolve with the times, and the luxury market is no different. Used to catering to the "Baby Boomers," the luxury market is slowly (but surely) feeling a shift towards the younger generations, or the "Young Affluents." Referring to those age 40 years old and younger, the "Young Affluents" group includes Generation X and the Millennial generation, and they both have much different spending habits than their parents and grandparents.

Even though some adjustments will need to be made regarding different tastes and attitudes, the industry is hardly upset by this developing trend. With a "want-it-all" attitude the Young Affluents spent an average of 32% more than the Baby Boomers last year, and there is no sign they plan on slowing down.

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