With recent trends showcasing significant industry-wide price increases, some luxury brands are not only surviving but thriving in this new market, seeing surging demand and record profits by focusing on ultra-rich clientele.
As companies adjust their pricing strategies and cater more exclusively to the wealthiest audiences, many traditional consumers question whether these supposed “luxury” goods are worth the hefty price tag. Brands that historically relied on the aspirational purchases of the middle class, such as Gucci and Burberry, are feeling the strain as these consumers face inflated costs and diminished purchasing power.
The luxury goods sector is evolving, but is it for the better? Check out this article discussing how some luxury brands are pricing themselves out of reach of the average consumer.
