WILL LUXURY SERVICES AND PRODUCTS SURVIVE THE DEPRESSION?

Reading an article on luxury hotels dropping 24% this past year in business reminds me that the beneficiaries are the lower and whose reputations won't suffer for that lesser price.
Would this be considered trickle down economics?


Restaurants will head in the same direction. There are plenty of excellent meals to be had at a small percentage of the price in which the elite pay for their snobbery as well as the food. The Essex House in NY, opened four years ago, starts the dinner price at $145 (and that is without the wine).

There may be some who can afford $366 for a meal, though I, personally, would choke on one, knowing how many people that amount would feed applied to a broader table. It makes me wonder how the elite in Dubai will handle the current economic crisis.






What will happen to that sterling sliver Mercedes? If Dubai investments are world wide, then their massive fortunes might be suffering a bit as well. As enormous luxury houses have been foreclosed in areas where money was dependent on current earnings (rather than inherited money investments) there is not a great deal of economic limbo to be passed through before the well runs dry and can no longer afford the mortgage, servants required, maintenance costs, etc.