The ultra-wealthy are spending less on luxury goods and services as the credit crunch hits, according to a survey.
The cost of being rich is growing at nearly half the rate it was eight months ago, according to wealth management adviser The Stonehage Group.
The prices of luxury goods and services in London have risen about 3.3 per cent in the past 12 months, down from 6 per cent in the same period to November.
The slowing rate of inflation points to the wealthy cutting back on discretionary spending and that providers of luxury goods and services are reacting by keeping prices down or reducing prices to drive demand.
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