Luxury Is Not Dead

“The conspicuous consumption of the past has been replaced by a more quality-conscious purchasing attitude,” said Karl- Friedrich Scheufele, co-president of Swiss watchmaker Chopard & Cie SA. “Luxury products today have to be authentic and offer real value for money.” [Bloomberg]

According to the Bloomberg article, 2009 was a bad year for luxury goods, but it seems that rising compensation on Wall Street is driving traffic toward an improving market in 2010. In 2007, before the recession began, sales of luxury goods worldwide reached a record $228.5 billion, according to Bain. Last year, in 2009, sales were $205.1 billion. Doesn't seem like much of a drop in revenue does it? 

• a Lucida three-carat diamond ring sells for $169,500
• Manfredi Jewels, in the premier shopping district on Greenwich Avenue, recently sold a Greubel Forsey watch for $490,000.
• Manolo Blahnik calfskin sandals for $765
• $3,000 a day for services from personal shopping to advice on dining etiquette
• $16,000 weekend excursions to Manhattan that included Jean Georges dinners and shopping sprees at Barneys and Giorgio Armani.
• Tiffany lamps can cost up to $3.5 million
• a $1,500 fur jacket from Ming Yang Design Group Inc.
• Hermes International SCA said it recently sold a handmade crystal desk clock for about 500,000 Swiss francs ($470,543)
• Bayerische Motoren Werke AG released the Rolls-Royce Ghost, a new luxury sedan with a price tag of $245,000
• An executive from a private investment firm last week spent $20,000 in 20 minutes, including two pairs of alligator shoes that cost $7,500 a pop
• a red alligator skin shoulder bag for $11,000.

“For the most part, people feel we have turned the corner,” said John Long, partner at Kurt Salmon Associates, a New York retail consulting firm. “People have been wearing the same thing for a year or more. They want something new.” [Bloomberg]

But, according to Social Image Consultant, Von Sperling, “It’s still not bling-bling. It’s a little more subdued. The budgets aren’t as big, yet.” [Bloomberg]

Social Image Consultant? What do rich people do? They ________.