The luxury market is one of the few sectors that remains unaffected during a recession. While some statistics suggest that stock prices in luxury companies fall across the board, others show rising sales figures in times of financial downturn. Unlike so many other sectors, is luxury recession-proof?
Hannah Tindle is a writer, consultant, and fashion features director at the Evening Standard Magazine.
Professor Gordon Redding is an author and professor emeritus at the University of Hong Kong.
Tom Rasmussen is a writer based in London. Their recent book, First Comes Love, is a personal and analytical look at the history, present, and future of marriage and other formations of relationships.
From indulging in mini-treats that elevate the everyday to HNWIs splurging on extravagant vacations, the ways people signal their status are diversifying as the focus shifts from ‘what you own’ to ‘how you live’. Canvas8 spoke to ten Americans to learn how their attitudes to luxury are changing.
As luxury brands become increasingly accessible to the everyday consumer, they are seen less as a symbol of class for Britons. Moving beyond branded luxury, status markers are shifting to be defined by the exclusivity and quality that luxury offerings can provide rather than the price tag.
Mulberry is partnering with rental platform Hurr to allow people in the UK to experience its bags without making an expensive, permanent commitment. The move marks a continuation of sustainability commitments from luxury brands and hints at the potential revival of the rental economy post-pandemic.
French fashion house Chanel is looking to reinforce its position at the top of the luxury market with plans to impose purchase limits on specific goods. As high-end shoppers look for more value from their purchases, some brands are emphasising exclusivity, quality, and a timeless appeal.