Fractional Ownership Bolsters Luxury Sector
We've covered the concept of fractional ownership in the past, now Portfolio provides a round up of how this concept and luxury rentals are helping the luxury sector during the economic downturn. Portfolio reports:
These descendants of the shops that rented designer formalwear for special occasions include rental and fractional-ownership businesses offering everything from destination vacations to yachts, jets, and collectible cars. Industry watchers believe such businesses may benefit from the pain retailers are beginning to feel as gyrations in the stock and housing market cause even well-heeled customers to pull back on spending.