"She wasn't too happy about it," laughs Wood, pictured. "But I was always going to buy it. I just adore it. I'd been eyeing it off for years. I had put some money aside for it. I was in New York on holidays. It was cheaper than what I could buy it for at home. So I just got it. And I love it."Wood, it seems, is like many Australian consumers who are bucking the global trend and continuing to pay a small fortune for luxury handbags and shoes despite the economic climate.
When 23-year-old studentchanel handbags Nicola Wood returned from a recent trip to New York with a $3400 Chanel handbag dangling from her arm, her mother was not amused.
Melbourne's luxury retail offering is set to almost double when Chadstone officially opens its new luxury retail precinct on November 18. It will have 12 high-end stores including Chanel, Burberry, Coach, Hugo Boss, Louis Vuitton, Omega, Prada, Ralph Lauren and Tiffany, as well as Miu Miu's first Australian store, and the first stand-alone Jimmy Choo store in Victoria.
While much has been written about the death of luxury in recent months - the latest forecast from consultancy firm Bain & Company predicts globalhandbags sales of luxury goods will be down 8 per cent this year - Australia seems to be experiencing something of a luxury boom. According to IBIS world, there are expected to be 4917 luxury goods boutiques in Australia, a 2.8 per cent increase from 2008-9.
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