But the severity of this year's collapse in global financial markets has reached even the super-rich, ending the spending boom that has more than doubled the size of the global luxury goods market during the past decade.
“2009 will be the first year when real consumption of luxury goods will diminish,” says Claudia D'Arpizio, a partner in the Milan office of consultancy Bain & Co, which recently completed a global study of the luxury market. “We expect a weak fourth quarter and a weak Christmas.”
Although global sales of luxury goods will still hit a record €175bn ($218.7bn) this year, Bain expects them to drop to between €163bn and €170bn next year.
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