More Consumers Buying Luxury Items for Less
The borders of luxury spending are being redrawn with middle class consumers joining high end consumers in living a luxurious lifestyle. Affordable luxury is becoming commonplace as consumers buy luxury items at discount outlets or second hand stores. Consumers demand luxury in their travel as well, and more budget hotels are upgrading services and design esthetic to cater to these needs. There is a downside to this trend however. According to a Korean Chamber of Commerce survey of adults aged 20 years or older who recently made luxury purchases, almost 30% of respondents were experiencing difficulties paying off their credit card debt.
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