I see this affluence in my industry and it is not so much about the bags or homes/properties/cars being popular or being the "IT" item but more of a re-distribution/new accumulation of wealth in the world and the fact that the number of people who can afford unlimited luxury is growing almost exponentially. The most expensive and best made handbag out there is made by Hermes.
Credit the Asian wealth expansion and insatiable love of luxury......Asia rose to affluence in the 1980's and 90's. Right about the time you say the bags became popular. The why is relatively easy and has little to do with SATC.
http://www.povertyeducation.org/the-rise-of-asia.html
I remember going into the Chanel boutique recently and reminiscing about how the Chanel bags used to go on sale ...Up to 50% off every season. The SA said... People dont need these items to be on sale anymore.
Asia-Pacific millionaires expanded their assets at an annual rate of 4.9 percent in the five years to 2012, three times faster than expansion in North America, home to the largest concentration of millionaire wealth, according to the UB report.
The number of high net-worth individuals in the Asia-Pacific region grew 9.4 percent to 3.68 million last year, slipping to second behind North America, which rose 11.5 percent from a year earlier to 3.73 million, according to the 17th annual World Wealth Report published in June.
The two market regions I am surprised that the wealth-management industry has overlooked are Africa, in parts, and Latin America, in parts, and that wealth management industry had focused almost exclusively on Asia, which has been quite phenomenal for wealth expansion.
..............The number of Africans with at least $1 million of investable assets climbed 9.9 percent to 140,000 in 2012, according to a report published on June 18 by Cap Gemini SA (CAP) and Royal Bank of Canada. That was the fastest rate of increase outside North America as the economies of countries such as Nigeria and Ghana grew at more than 5 percent last year
Add the 3.68 million Asian muilti-millionaires to the new Russian, African, Indian, Middle Eastern multi-millionaires who truly want and can afford the finest things money can buy and there is your "IT" bag.
Hermes cannot make these bags fast enough anymore. There will just have to be another bag better and more expensive than the Birkin or Kelly. So until then.....
Unfortunately....The Bentley bags dont cut it either.
Sorry for the long discourse...:shame:.