Businesses catering to the needs of the rich usually do not have to worry about competition and recession. Usually they have few or no competitors. During recessionary times, even if the recession adversely impacts the wealth of their clients, they still remain wealthy enough to spend on luxuries.
We have seen many such businesses. One such business is private jet services provided by VistaJet. They also offers bespoke and exclusive travel arrangements to several destinations for their clients.
Another such company is Equinox, which has been in the luxury fitness business offering exclusivity and comfort, among other things. Equinox recently ventured into luxury hotel business helping the rich find the one-of-a-kind experience they may hanker for.
The linked article is about the new Equinox Hotel located at the Hudson Yard neighborhood along the west side of Manhattan.
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