When first lady Melania Trump wore a $51,000 designer jacket to a lunch for the global summit in Sicily over the weekend, the whole word turned its gaze towards the high-end luxury market. Some were indeed shocked by the enormous price of that clothing item. However, those people should understand that those are the prices for some of the most exclusive high end haute couture. Only a few people have access to those items, which are made at the highest level of craftmanship possible.
The high-end luxury market
According to Claudia D’Arpizio, a senior partner at Bain & Company consulting, brands need to do such moves in order to keep the products under the eyes of the potential buyers. For high-end luxury products there is not really a public. There is a very small number of women in the entire world who are constantly buying and wearing haute-couture. This is why the brands are doing everything in their power to promote their clothes and accessories. There are indeed many rich people on the planet who are spending money. But not many of them are spending money on clothes.
Moreover, the amount of work that is put into such a piece like the floral applique jacket Melania Trump wore to the summit is huge. Many seamstresses would need to manually embroider that jacket. Let’s not forget about the expensive materials which the designers use for such clothes. Trump’s jacket was from Dolce & Gabbana, but the designer did not reveal too many details about it. However, Stefano Gabbana attracted the world’ attention when he posted about it on his Instagram account.
Not for everyone’s pocket
However, according to a new Bain study, after the sales of luxury products leveled off last year, they are now expected to grow again this year. Even with all the uncertainty in the world, people should still invest in luxury goods. Claudia D’Arpizio also said that people are buying again, especially in China and Europe. There is still a sense of uncertainty in what concerns the United States. This happens mainly because of the strong dollar and the travel policy mess. Interestingly enough, she also said that high-end consumers have become more price-conscious. They will not spend more money on the same products.
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