The super rich are exactly that: flushed with cash, plush with connections, and loaded with access.
According to Fortune, they spend this on their greatest treasures: their babies. Even though these young off-springs of celebrities are drooling on a $17,000 solid white gold diamond pacifier while you’re scraping up just that amount for a new car, it seems that the baby luxury market is a booming industry.
Designer brands such as Gucci, Versace, and Carolina Zapf are diving into the baby market to create apparel, items, and trinkets for those with an upper echelon taste. Estimated to be worth more than $15 billion dollars, the luxury baby market is really a recent phenomenon. According to Bloomberg, Alan Fields, the co-author of Baby Bargains, said that baby-only megastores such as Buybuy Baby and Babies “R” Us (both founded in 1996) helped to create demand for $500 cribs and $200 baby monitors.
Nowadays, a Gucci loafer costs $495, which trumps the essential needs such as a baby monitor or crib. A high chair from Posh Tots is clocked in at $1,200, but it doesn’t do anything like help your baby read better or learn their left from their right. When e-commerce became the route de juer for parents with prosperity, pricier companies like Peg Perego and Bugaboo Frogs were able to push its wares on those with money to blow. “After a Bugaboo Frogs stroller was featured on ‘Sex and the City’ in August 2002, the entire stroller market went up,” personal finance expert Helaine Olen told Bloomberg News. “Suddenly, a $700 UppaBaby stroller looked reasonable.”
Even after the luxury baby market declined in 2008, the category has rebounded by 4.3 percent to $10.6 billion.
Here are a few parents who can spend the bread on their cute celebrity kids!
[via Bloomberg News]
The post Why The Baby Luxury Market Is Worth $15 Billion Dollars appeared first on StyleBlazer.
