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Two years ago, Andrea Lee wrote in The New Yorker that we are “living in the gilded age of handbags, a rococo time that has changed the handbag from a ‘useful but peripheral accessory to the absolute object of desire.”
Gucci saw sales of $1.34 billion, up 15.3% in 2006 from the same period in 2005. Purses were big business and we were ardent consumers.
In 2009, a different story. For instance, Coach CEO Lew Frankfort told Business Week that consumers have become more critical and cautious. Shopping is no longer America's favorite activity. The global recession is tugging away at high end handbag sales.
Maybe during these tough times, we'll return to our basic favorite bag instead of that purse-of-the-day.
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