Hey, Big Spenders
By Kate Betts
Fall 2004 Style & Design
You don't have to be a fashion or design expert—or a
multimillionaire, for that matter—to notice that some suggestion
of luxury has invaded almost every aspect of our daily lives,
whether it's an over-the-top diamond-encrusted crocodile Hermes
handbag or an uber-designed stainless-steel trash can from Bed,
Bath & Beyond. These days luxury is so prevalent in so many
different industries that it may manifest itself in a multitude
of ways, from the obvious opulence of a private jet to the sleek
discretion of a minimal-style four-star restaurant. Some notions
of luxury—the androgynous look of a guy in a fur coat, for
example—may seem pretty far out initially, but the high-end
market wields a lot of influence on the mass market, and many
ideas eventually trickle down to the mainstream. In this special
issue of TIME, we explore the changing perception of luxury
through the eyes of those who define it as well as those who buy
it. Today, despite the general state of unrest in the world, the
global luxury-goods business is booming—up 27.7% in the U.S. and
56.2% in Hong Kong in the first five months of this year.
Although it's hard to predict how long the boom will last, most
analysts agree that where the stock market goes, so goes luxury
spending. As Neiman Marcus president and CEO Karen Katz points
out, "The last time there was an election, it threw us all into a
tizzy." Even with a recently lackluster market, people still seem
to be willing to pamper themselves with premium products and
services—whether that means buying a $290 face cream in New York
City or a $9,000 LCD TV in Tokyo. Luxury now enters every room in
the house: LauraStar, a global ironing-supply company, sells an
ironing system for $999, above. The better to smooth out those
proverbial wrinkles in the bank statement.
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