Industry Research

INDUSTRY OUTLOOK: U.S. Luxury Spending Accelerates

Posted on May 11, 2011 by LCT Staff - Also by this author - About the author

SUMMARY: The limousine “client base” are taking pent up money and spending again on luxury goods, services, and excursions. As the luxury sector does, so goes chauffeured transportation. Is it a sign of good things to come?

Wealthy Americans seem to have decided that it's OK to splurge again — a hopeful sign for an economy mired by slow growth, stubbornly high unemployment and depressed home prices.

Luxury and high-end marketers have picked up on what they hope is a growing trend, offering products that bank on a looming spending spree. Germany's PG-Bikes is rolling out the $80,000 Black Trail, a battery-powered bicycle. Swiss watchmaker Richard Mille is selling $525,000 timepieces. Steinway has launched a John Lennon-themed grand piano — at $90,000 and up. After selling out a $245,000 model, automaker Porsche is planning the 918 Spyder, a hybrid car that could sell for more than $630,000.

And for the 2011 holiday season, tech start-up Prima Cinema will provide a $20,000 device to bring Hollywood films to your home the same day they premiere in theaters. Each first-run film will cost an additional $500.

LUXURY SPENDING ARTICLE HERE

Source: USA Today

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