Dubai shopping festival crossed $272 MN

Around 350 jewellery outlets participated

Post By : Diamond World News Service On 08 February 2007 12:00 AM
The Luxury Institute, a research firm that tracks the spending patterns of wealthy Americans, said continued weakness in housing and the recent pullback in the stock market could spell trouble for luxury firms – but only if the downturns worsen. %% In a survey of 820 consumers with a minimum household income of $150,000, around 60 per cent said they do not plan any adjustment at all in their shopping and spending habits, regardless of their investment performance or any change in the value of their real estate holdings. %% However, 40 per cent said that a further decrease in the value of their assets would cause them to consider purchasing fewer luxury goods and services. %% When asked about the area where they would cut back the most, 16 per cent of the wealthy singled out luxury hotels and resorts. Luxury automobiles followed closely behind at 14 per cent, and just less than 10 per cent named jewellery, cruises, and electronics as a prime focus of their cutbacks. %% However, just 30 per cent of consumers with incomes greater than $500,000 and 33 per cent with a net worth in excess of $5 million say they would consider spending less due to a decline in net worth. While 45 per cent earning between $300,000 and $499,000 and 44 per cent with a net worth between $1 million and $1.9 million said that they would curb spending.

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