The market for the luxury-goods industry is on the decline. Recent reports show that
a higher unemployment rate, coupled with consumer fears, has decreased the
amount of money the average household spends on both essential and nonessential
items, but especially on nonessential items. Since luxury goods are, by nature,
nonessential, this market will be the ɹrst to decrease in the present economic
climate, and luxury retailers should refocus their attention to lower-priced markets
The market for the luxury-goods industry is on the decline. Recent reports show that
a higher unemployment rate, coupled with consumer fears, has decreased the
amount of money the average household spends on both essential and nonessential
items, but especially on nonessential items. Since luxury goods are, by nature,
nonessential, this market will be the ɹrst to decrease in the present economic
climate, and luxury retailers should refocus their attention to lower-priced markets
