As megatrends go, the move towards “affordable luxury” products and services has had relatively less attention. Look closer: one retail segment after another is selling to the masses products and services once designed for affluent customers.
Travel is an example. International airfares and five-star resort holidays used to be the preserve of the rich. Now, a luxury resort holiday in Bali costs less than $2,000 for five nights (off peak), and some return airfares from Australia are under $500.
A meal at a trendy Melbourne restaurant might set a couple back at least $300 (with drinks). Now, they might order the food online and have it home-delivered for half the price.