The group of rich persons is much larger than you imagine

The group of rich persons is much larger than you imagine

As a matter of fact, the extravagance of the Paris fashion week has its reason. You need to know that a taste of thrift is always easier than a touch of luxe, but not otherwise. Flagging as the economy is, there is life to go on with. Especially for those who are used to handmade embroidery bed sheet costing 30,000 dollars, who are unable to go out if not by their chauffeur-driven limousine, and who buy Bottega Venata leash for their dogs, it is completely impossible for them to give up their extravagant life style just because of the economic downturn. In fact, as according to Nick Tucker, chief of Merrill Lynch Global Wealth Management’s Marketing Department, “the consumption of the wealthy and the super wealthy remains a high level. No matter how much the economy circumstance worsened, rich people continue to spend. They will not suffer from insomnia due to the present global economic crisis.”

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Therefore, there is no need to worry about the market for a luxury like Haute Couture. Chief Executive of Chanel tells Women’s World Daily that he expects growth in the sales volume of the Haute Couture in 2009, while President of Givenchy forecasts a 20% increase. Rich people who can afford these clothes will always be able to afford. Moreover, even though European and American customers stop buying, there are fill ins from China, Japan and Middle East.

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