Upside to the downturn
Women are defying the credit crunch by continuing to buy luxury goods, according to a Reuters report.
While men seem to be cutting back on spending, women appear reluctant to forgo life’s luxuries, with Louis Vuitton and Hermes bags among the most sought-after items. Demand for watches, typically a male-dominated sector, has fallen.
Gender marketing expert Diana Jaffe told Reuters that while men were watching their wallets as job security became more of an issue, many women were out hitting the high street in order to cheer themselves up.
"Women are also worried about their jobs, but not to the extent that they feel their mere existence is being threatened and so they are in the mood to buy despite the crisis," she said.
In the last few weeks both Hermes and LVMH, which owns Louis Vuitton, have reported growth in leathergoods sales.
