Despite the fact that most of the US believes that we are still in the middle of a recession, spending on luxury goods by wealthy Americans is estimated to grow by $28 billion in 2010.
The ‘Survey of Affluence and Wealth in America‘ found luxury spending would rebound for the first time in three years, led by purchases of automobiles, services, home decor, travel and children’s clothing. While the interest in luxury items is trending up for the first time in years, the spending is not expected to reach the levels of the nineties or even early 2000.
“Several trends are happening simultaneously,” said Dane Beck, consumer analyst. “Americans are staying home more to save money, but they want to be comfortable. They want the best. They want the 1000 thread count Sferra Sheets that can be found at the Vatican, but they want a deal. They want the luxury, but they want their Sferra on sale. They want the latest in electronics, like the iphone and the Kindle, but Americans want to feel like they are getting value for their money.” Attitudes in America have changed. Instead of taking pride in having the largest house or the biggest car, more Americans are actually taking pride in managing their finances responsibly.
Many of the best known luxury brands are responding to this trend by moving away from some of their signature products. “You are going to see a certain subtlety in many luxury items,” predicted Taylor Wynne, a leading advertising executive. “No more ostentatious display of designer names, but an increasing emphasis on real quality”.
Author Bio / Resource Box Erin Wilson is a Lifestyles writer specializing in Lifestyle trends in fashion, finance and culture. You can find more of her work at Uptownday.com