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There’s an obvious reason why wealthy consumers are cutting back on luxuries: Those people are not as wealthy as they were before the economy tanked. But there’s another reason, says a report by the Luxury Institute: Lots of wealthy people feel the purveyors of luxury goods and services “are failing to deliver on the fundamentals of luxury.”
Polling among people with an average yearly income of $308,000 and average net worth of $3.9 million found 64 percent agreeing that luxury brands are priced too high relative to the value they provide; 58 percent said craftsmanship of luxury goods is on the decline; 44 percent said luxuries are become “commodities.”
Why
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