This year’s recession has seen some of the world's largest, most recognized companies with assests in the billions of dollars filing for bankruptcy. Samsonite, a company that caters to world of luxury business travelling with products that range from luggage and briefcases to dress shoes, is the latest company to be taken down, filing for bankruptcy with over a billion and a half dollars of liability.
Hot on the heels of Samsonite is Barneys; a chain of luxury department stores that hock expensive designer goods. Check out the gallery of Samsonite wares above; with them filing for bankruptcy, I imagine you will soon be able to get the couture items on the cheap.
What's Driving This Trend
- Luxury Retail Decline
- The recession has impacted luxury retailers causing them to file for bankruptcy.
- Changing Consumer Preferences
- Consumers are becoming less interested in luxury goods during economic downturns.
- Affordable Luxury
- The decline of luxury retailers presents an opportunity for affordable luxury brands.
Who This Affects Most
- Luxury Retail
- Luxury retailers need to adapt to changing consumer preferences in order to avoid bankruptcy.
- Affordable Luxury Brands
- The decline of luxury retailers presents an opportunity for affordable luxury brands to gain market share.
- Personal Finance Management
- Personal finance management services can help consumers adjust their spending habits during economic downturns.
