2009 Ushers in Luxury Shame
Got a lot of stuff? Are you ashamed about it?
It’s only five days into the new year and we’ve already got a hot new buzz term to saddle on consumers: luxury shame.
In case you’ve been sleeping since Boxing Day (we were), luxury shame refers to the idea that consumers are now ashamed of conspicuous consumption. Whereas it was once trendy to walk down the street clutching bags from pricey shops, it is now considered gauche.
As news outlets like Newsweek and CBS report, a fear of scorn for flaunting the fact you’ve still got bucks to spend is causing some folks to shift their spending online or to catalogs, which could be a boon for direct marketers. Indeed, in December designer Isaac Mizrahi told NPR that his house had begun selling more expensive frocks direct than in boutiques.
Still, if you want to go shopping on Madison Avenue, fear not. I’ve got loads of Target bags you can borrow to tote your wares. In today’s economy, I think they’re the perfect style.
January 28th, 2009 at 1:01 pm
While the concepts of “stealth wealth” and “luxury shame” are now being advanced by the retail and luxury marketing consultants and futurists through anecdotal research about cut backs in the spending on ostentatious luxury, our research shows the sale of luxury goods and services, as defined by the majority of America’s affluent, is not subject to much change in 2009.
The majority of the affluent have never been ostentatious or conspicuous consumers. They have always been careful shoppers and savers who look for quality and value in their purchases, the brands they buy, and the stores where they shop.
Check “AARC News” at www.affluenceresearch.org for survey details and implications.