Luxury and Women - New product lines?

Are women part of the New Luxury's development ?

Traditionally, the luxury market has been pitched to men. Pedraza says this will change because women are more active in the job market, launch more new businesses and graduate from college with advanced degrees in greater numbers than men. And, lest we forget, women typically outlive their husbands and inherit their wealth.

"Wealthy women have everything except the respect of luxury marketers," Pedraza says. "They're under-marketed. Banks and asset management firms largely ignore them."

But that's changing, especially in consumer goods. Companies like Coach and Gucci have long defined top-of-the line products in their sector. In the past, they've relied on a few top designers to exemplify taste. In the future, companies pitching products to the rich will depend more on feedback from their customers and design will become more of a collaborative effort, Pedraza says.