Five years ago, Emma, a 38-year-old Londoner who works as a marketing director, bought a piece of designer fashion about once a quarter. A pair of Prada shoes here or a Chloé blouse there, along with timeless pieces like a Burberry trench or a Louis Vuitton Neverfull bag when she got an occasional bonus.
Emma used to be what the retail industry refers to as an “aspirational consumer”; a member of the professional middle class who had sufficient disposable income to spend on luxury fashion when funds allowed, regarding her purchases as “investment pieces”.
