MANILA, Philippines—The “It” bag will become a source of embarrassment, a luxury industry analyst and consultant predicted in a luxury conference in London in November.
Not only will it signify that “you don’t have your own view of fashion.” The analyst, according to Women’s Wear Daily, also referred to a phenomenon called “luxury fatigue” and consumers’ growing fear of incurring debt.
Soon enough, the New York Times reported covert buying by New York City’s affluent consumers. Lugging multiple shopping bags when the economy is in a slump was now deemed—even by the rich— vulgar.
No one wanted to appear flippant, of course, but this was the upper crust. And shop they still must, especially in the run-up to the holidays.