May 2004 (Newstream) --- According to top CEOs who attended the recent American Express Publishing Luxury Summit, as well as new reports released by American Express Publishing and The Boston Consulting Group, the major buyers of luxury goods aren't millionaires - they're the 47 million households with an average income of $50,000 a year. One main reason behind this buying trend is that companies are making luxury goods more affordable and accessible than ever before.
Luxury cars, for example, are introducing lower priced models that are still loaded with features found on top-of-the-line cars. Similarly, consumers no longer need to own a vacation home for lavish getaways. Instead, luxury residence clubs allow private access to a collection of luxury homes without having to pay to stay in them.
But modern luxury is no longer just about status objects, it's also an
emotional experience. Experts say it's making the most of personal
relationships, getting back some time and expressing personal taste. It can be a
week on the beach or an hour in the bath. After all, being able to do what you
love is the greatest luxury of all.
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Produced for Exclusive Resorts
CONTACT:
Monica Elias, 212-812-7088