After years of belt-tightening, Americans may finally be getting back in the mood to live a little: Consumer sentiment, despite the stock market’s recent hiccup, is back to levels not seen since 2007.
And it turns out this may be a good time to buy. In reporting the upcoming MONEY magazine feature “What to Do With $1000 Now,” we learned that many luxury goods—from diamonds to Swiss watches—are either coming down in price or becoming more accessible, with companies offering less-expensive lines in an attempt to draw in more customers.
Here’s why: While the American economy has been on the mend, those in Europe and Asia—China in particular—are sputtering. Over the past decade, China’s remarkable economic growth has been minting new millionaires. These new rich account for nearly a third of luxury spending, according to consulting from Bain & Co. But now with China’s growth slowing, and a government anti-corruption campaign targeting public displays wealth, their spending is cooling off too.
Now add in falling prices for commodities like gold and silver.
Luxury purveyors don’t like to publicly slash prices. But they’re subject to the same laws of supply and demand as everyone else. The result is that there are likely deals to be had—whether it’s in the form of a lower sticker price or just getting more for your money. Here is where you can start looking.