NEW YORK – Six in 10 affluent consumers believe luxury’s definition has changed in the last five years, according to a survey conducted by Ipsos.
Today, 90% are inclined to say luxury holds a different meaning to each individual, while 47% note the quality of luxury goods has declined. Despite these changing attitudes and the addition of new players to the luxury space, history still holds sway when it comes to consumers’ preference for luxury goods, with about 80% picking classic over cool.
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