Along with the economy, the luxury market faces a major upheaval. Yes, really. Former Morgan Stanley luxury analyst Claire Kent, who is now an industry consultant, spoke in London last week at the Luxury Briefing conference (where, we imagine, attendees examine each other's summer yachting photos on their Prada phones … through monocles). The luxury market has been booming for fifteen years, but all good things must come to an end. Sound scary? Fancy this:
[Kent] pointed to “luxury fatigue” and the growing fear of debt, and said consumers would increasingly be spending more money on fewer items. As a result, “masstige and aspirational brands will suffer the most,” she told the audience, adding that the handbag bubble is bursting now. “An ‘It’ handbag will become an embarrassment — a clear sign that you don’t have your own view of fashion,” she said.
Ho ho, Upper East Siders. If you don't feel embarrassed about your money yet, you may as well start now. And eBay your Birkin bags before the rest of the world catches on to your bank account.