The recent decision by Time Inc. to discontinue its luxury-themed Style & Design supplement is evidence that while the rich may be different, they’re not immune to the current economic recession.
As a consequence, luxury media outlets have had to adjust to a new reality of fewer ad pages, though most seem to be hanging on. “The luxury industry has been impacted, but there’s still a viable market,” says Bruce Wallin, SVP of editorial for CurtCo, publisher of luxury-focused Robb Report. “It’s the more aspirational market that has seen the most declines, and though it might come back eventually, it might not be for a while.” – from PRWeek