Luxury Sales Fall 22% | In the News | Gift Basket Review Online

Luxury Sales Fall 22%

It hit me on the head like an acorn with a sky-is-falling knock-out punch. Ouch. LUXURY sales falling -- down by 22%? It was almost beyond comprehension. Except that, like many of you, I had seen it coming, so it didn’t hurt quite so much.

For years, pundits in the gourmet industry have told us that luxury gourmet foods were recession proof. That might have been true in years past, but “luxury gourmet” is now on the shelves in supermarkets, purchased by everyday people like you and me -- who are not, unfortunately, recession-proof buyers. So-called ‘peasant sales’ pushed luxury gourmet to unheard of highs. Now, those of us who are not among the recession-proof elite, are moving back to familiar less expensive brands. Thus, the 22% fall of luxury brands.

That’s the problem with bringing “luxury” lines and merchandise to the common market of consumers. The downside to ballooning sales is the big pop at the end. Goodbye Perugina . . . hello Hershey bar.