Hey, Big Spenders

By Kate Betts

You don't have to be a fashion or design expert--or a multimillionaire, for that matter--to notice that some suggestion of luxury has invaded almost every aspect of our daily lives, whether it's an over-the-top diamond-encrusted crocodile Hermes handbag or an uber-designed stainless-steel trash can from Bed, Bath & Beyond. These days luxury is so prevalent in so many different industries that it may manifest itself in a multitude of ways, from the obvious opulence of a private jet to the sleek discretion of a minimal-style four-star restaurant. Some notions of luxury--the androgynous look of a guy in a fur coat, for example--may seem pretty far out initially, but the high-end market wields a lot of influence on the mass market, and many ideas eventually trickle down to the mainstream. In this special issue of TIME, we explore the changing perception of luxury through the eyes of those who define it as well as those who buy it. Today, despite the general state of unrest in the world, the global luxury-goods business is booming--up 27.7% in the U.S. and 56.2% in Hong Kong in the first five months of this year. Although it's hard to predict how long the boom will last, most analysts agree that where the stock market goes, so goes luxury spending. As Neiman Marcus president and CEO Karen Katz points out, "The last time there was an election, it threw us all into a tizzy." Even with a recently lackluster market, people still seem to be willing to pamper themselves with premium products and services--whether that means buying a $290 face cream in New York City or a $9,000 LCD TV in Tokyo. Luxury now enters every room in the house: LauraStar, a global ironing-supply company, sells an ironing system for $999, above. The better to smooth out those proverbial wrinkles in the bank statement. --Kate Betts