The new luxury

Each fashion season will come with its own must-have status pieces. Last season's Fendi Spy bag springs to mind, or YSL's tower wedges, whatever the item, they come with a hefty price tag. But this season a pair of expensive shoes or designer handbag doesn't cut it for those seeking true luxury.

In fact, A-listers don't want to be seen with anything costing less than £2,500, according to a recent report. It's no secret that luxury sales have been booming over the past six years. But at a time when the average wage-earner is grudging extortionate housing prices, high taxes and a meagre pay-packet, ostentatious splurging by the wealthy has risen to gaudy proportions as the super rich seek new heights in pampering, price tags and one-of-a-kind items that set them apart.

The over-the-top splurging has surpassed the days where a pair of designer jeans cost £100 and fabulous heels £200. The prices on luxury goods are scarily rising as stores do not see any consumer resistance to uber costly items. Missoni cashmere coats at £3000 fly off the shelves the week they get delivered. And Hermes Birkin bags having waiting lists of eager women wanting to spend £15,000, for the ultimate status piece. And so you won't be shocked to learn that £10,000 handbags and £900 pair of shoes (this season's Balenciaga's cyber sandal) is not unheard of. In fact, you can see them in glossy magazines such as Vogue and Tatler, staring at you from the page, screaming your name.

Even food items are becoming a luxury for discerning consumers. Where once Waitrose' steak tartare had your guests cooing at the dinner table, these days its hand-massaged Japanese Kobe beef served with heaps of truffle. And champagne? Only vintage from exclusive French chateaux bought at auction.

Better start saving now, dahling.