With the advent of digital currencies and other financial services, consumers are finding that their spending is increasingly becoming more electronic.
That means they’re spending less time on the couch and more time doing things like playing games and watching TV.
But the new trend of lifestyle brands has led to some concerns about how consumers will feel about their wallets.
Many consumers are also unhappy with how their lifestyle brands are perceived.
Some brands are taking a more cautious approach.
With a new wave of luxury products, including high-end designer brands such as Gucci and Burberry, the question of where to draw the line between the “luxury” and the “essential” has come to the fore.
The question has come up again after it emerged that the Australian Council of Fashion Designers and Merchandisers had called on its members to remove the word luxury from the title of its new website.
“Luxury” means “exceedingly high-quality, high-fashion goods”.
It’s a question that is being asked by many consumers who have had to decide whether they want to spend money on something like designer handbags or designer watches.
In some cases, the products being sold are not luxury at all, but have been designed to appeal to a particular consumer, for example by using an array of high-tech, high quality materials.
Consumer groups have also raised concerns about the impact of a more competitive marketplace.
But the latest push for change has come from the Australian Retailers Association, which has launched a new website, Lifestyle Brands.
There, consumers can buy and browse their favourite brands including brands such Gucci, Burberry and the likes of Levi Strauss and Hermes.
It’s all part of a larger shift to a more consumer-centric lifestyle brand model, which is designed to help businesses compete on a level playing field with online retailers.
While the changes will have a profound impact on how Australians spend their money, it’s also a question of priorities.
What’s your preferred lifestyle brand?
Is your favourite brand a luxury brand?
Let us know below.