Luxury Businesses: A Booming Market
In this day and age, only a true few are able to lead a life of constant extravagance and excessiveness. Colloquially referred to as “the 1 percent”, the super-rich of the world truly do reside in the lap of luxury. From day to-day luxury to those that are saved for special occasions, not only do they lead lives many can only dream of, but their penchant for luxury has resulted in the growth of the luxury item market. In other words, the world’s 1 percent and their spending has resulted in single-handedly progressing the success of this market.
Day to-day luxury
Day to-day luxury items range from handbags worth more than the average vehicle to private jets and limousine charter Singapore. One of the most successful luxury industries is that of cosmetics. The wealthy pay thousands of dollars for a single pot of lotion that provides the best of the best for their skin. Perfumes, sanitary items, and beauty products in general, have risen to dominate the luxury goods market.
Furthermore, accessories, such as shoes and handbags are in par with their hold on the luxury market, alongside cosmetics. Premium leather, usually made with exotic skins such as crocodile or python (though now looked down upon) are favourites amongst the rich and famous. The most exclusive handbags can cost up to a $100,000.00, and have waiting lists, with some waits as long as three years.
Although now widely available to the general public, simple cosmetic procedures such as Botox and fillers are the monthly norm for the wealthy. Often expected to have a meticulous and flawless physical image, celebrities spend hundreds of dollars on fillers and non-invasive procedures to maintain their appearance.
Transportation and getting about
Often chartering private jets, the wealthiest subsection of society consider limousine services, luxury cars, and private jets the norm. More often than not, chartering is unnecessary, as they are wealthy enough to own their own jets.
Travel and vacationing
Travelling to beautiful holiday destinations is one of the many perks of being extremely wealthy. Most own holiday homes across the world, while others prefer to pay several thousands to book week-long stays at luxury resorts. This has led to a massive growth in the luxury hotels industry.
There are now many reality TV series that focus on the rich and famous and the exciting lives they lead. These shows, albeit scripted, give a glimpse into the over-the-top lives of those that consider luxury an everyday norm. This has created a clambering of television networks to create their own reality TV shows to improve ratings and make their companies more successful.