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Affordable luxury to revive the economy

Le Monde wonders whether "affordable luxury" is also among the collateral damage of the economic crisis: "The concept of 'affordable luxury' includes those things which seem to have all of the qualities of true luxury items minus the high price. ... The firms specialising in 'affordable luxury' can be divided into three categories. First there are those whose very notoriety is based on it. The best example here is no doubt Starbucks coffeehouse chain. ... The second category includes the many sectors [such as the automotive industry] where 'affordable luxury' has pretty much gained the upper hand. ... And finally, tourism, the third category of 'affordable luxury' ... has become far more accessible. The columnist Robert Samuelson writes in [the US magazine] Newsweek that consumers are currently experiencing a 'wealth effect in reverse' ... In tightening their belts they manage to find ways to stimulate the economy. If 'affordable luxury' remains within people's reach, it could well boost consumption."

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