Luxury labels bulk up on lower-priced goods to appeal to middle-class shoppers [Yahoo! Finance]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance
PARIS (Reuters) - Confronting a broad decline in demand for their usual fare, including $3,000-and-up handbags and $4,000-and-up cashmere jackets, major marketers of designer and luxury merchandise are broadening their product lines to emphasize scarves, belts, wallets and home goods priced at $500 and under. The companies' renewed focus on more affordable products is meant to appeal to middle-class aspirational customers who are more price sensitive, although the strategy may dent companies' typically fat profit margins. After more than two years of sharp price hikes -- with Chanel, Prada and LVMH's Dior raising handbag prices by over 50% in France in 2023 compared to 2020, according to the Wall Street analysts at Bernstein -- luxury labels are finding themselves at risk of alienating the middle class. U.S. spending on merchandise from top luxury brands fell 6% year on year in November, according to credit-card data from Citi, setting a dour tone to the early holiday shopping
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