In a world where the economy is an everyday concern, the luxury market is worried. Not overly worried, since as we've seen, the very high-end of the market remains secure but the recession was a factor in every panel held by the Luxury Summit. One of the strongest messages we keep hearing is that today's rich are not yesterday's rich; they are "middle class between the ears (not thinking rich)."
Certainly, we've lost the meaning of luxury but overall luxury is in the eye of the beholder, one man's luxury is another man's necessity. One of the hidden benefits of hard times is that they help to define luxury, for example a $500,000 ski condo is having a hard time selling right now but a $2 million ski condo is an easy sell. What was perhaps most interesting at this conference is watching the juxtaposition between stories of extreme luxury spending, fears of a recession and the theme of the conference: philanthropy. In this second post from the
Luxury Summit held by American Express Publishing at the Four Seasons in Westlake Village, CA I will look at some recent statistics regarding the wealthy, see my first real live Russian billionaire and pay homage to the one and only Diane Von Furstenberg.
