Not-so-big spenders

January 2008
Marketing Management;Jan/Feb2008, Vol. 17 Issue 1, p5
The article reports that the third-quarter spending of luxury consumers plunged to its lowest level since 2005, as consumer confidence in luxury products hit history lows. According to Unity Marketing's Luxury Consumption Index, the index dropped 87.3 points, its lowest level since 2004, following a 4-point drop in the second quarter. The author reports that an increase in foreclosures due to the correction in the mortgage markets, layoffs in the financial sector industries, the decrease in value of funds financed by mortgage-based securities, and a drop in luxury home building all contributed to the drop in consumer confidence. Commentary by Pam Danziger, the president of Unity Marketing, is provided.


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