The desire to sport a different handbag for every occasion is shielding the largest makers of luxury leather goods from the economic crisis as women prove to be more consistent spenders than men.
Louis Vuitton and Hermes bags are still amongst the most sought-after luxury products compared with weak demand for watches, a traditionally male-dominated sector.
Gender marketing expert Diana Jaffe said the uncertainty about jobs caused by the economic slump posed a threat to male identity, prompting men to cut back on spending. Meanwhile, women are taking steps to cheer themselves up with a treat.
"Women are also worried about their jobs, but not to the extent that they feel their mere existence is being threatened and so they are in the mood to buy despite the crisis," Jaffe said.
Some men have stopped themselves from splurging on flashy goods that could be deemed as tasteless during times of austerity, while others don't have the capacity to think about spending on luxury items, Jaffe said.
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