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Luxury goods: The lapse of luxury

Producers of luxury goods are suffering in the downturn

COULD those who produce luxury goods escape the worst of the global economic slump? Not likely. Some had dared to hope so, suggesting that rich consumers may be insulated from the financial turmoil that has engulfed those less well off, or that shoppers’ discretionary spending may go to acquiring fewer, better quality items. In fact practice suggests that the optimists have got it mostly wrong.

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