Two articles in the Financial Times today remind us about how the rich keep getting richer, financially anyway. From the first article:
> The buying power of the richest people in London, compared to the average citizen, is the greatest it’s been since the 1930s.
> In 1991, the top 1% of earners made 57,000 GBP or more. By 2004-5 the top 1% made 117,000 GBP or more.
> 30,000 people now make more than 500,000 GBP.
How are Londoners spending their “platinum pounds”? The second article offers up Harrods as an example.
Harrods, the fancy department store, has recently revamped its “By Appointment Only” personal shopper service. It now actively courts “cash-rich, time-poor” customers by offering free personal shoppers and a concierge service that will find not just the perfect apparel and gifts but will also find a driver, nanny or housekeeper. They will also call customers to remind them of anniversaries and the birthdays, and suggest gifts for the occasion.
This seems like an awful waste of luxury. Harrods is surely finding demand for such an involved service, but by suggesting which gifts to get and doing so much for these time-poor shoppers, they seem to be taking away any chance for the buyer to appreciate what is being purchased. They’re removing the emotional component, which in the long run hurts buyers and reduces luxury.
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