Luxury Market Tanks

Posted on February 17, 2009 by LCT Magazine

NO ONE IS RECESSION PROOF: The luxury good and services sector, once thought immune from recessions, is taking a major hit, like every other aspect of the economy. The misfortunes of wealthy Southern California enclaves (aka Limoland) provide another context for how the recession affects operators nationwide. When Beverly Hills retailers discount their wares up to 80%, you know there is serious change in the luxury climate. As an aside, these deep discounts also reveal how dramatically so many goods and services are marked up during boom times. -- M.R.  

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