The Limited Times

Now you can see non-English news...

Why luxury has become insensitive to the upheavals of the world


DECRYPTION - Rising interest rates, soaring energy costs, generalized inflation, war in Ukraine or even Sino-American tensions… None of this seems to have any effect on sales of luxury goods.


While the world has been going through a succession of crises for three years, the luxury giants themselves are struggling to explain their dazzling health.

Since the end of the first wave of Covid, in the spring of 2020, most have shown growth rates well above that of the global market for luxury goods.

The latter rose a further 15%, to 353 billion euros, after a 31% increase in 2021.

To discover

  • Pension reform: calculate the age at which you will finally leave

Historically, the luxury market reflected, in an amplified way, the health of the world economy, in periods of rise as well as in those of fall.

In 2008, when the financial crisis reduced global GDP by 1.3%, sales of luxury goods fell by 8%.

And, in 2020, when the Covid-19 pandemic, the cessation of travel and the confinements had reduced global GDP by 3.4%, luxury sales had plunged by 21%.

If the strong recovery of 2021 has confirmed the phenomenon, with growth in luxury much stronger than that of global GDP...

This article is for subscribers only.

You have 69% left to discover.

Cultivating your freedom is cultivating your curiosity.

Keep reading your article for €0.99 for the first month


Already subscribed?


Source: lefigaro

All business articles on 2023-01-26

Trends 24h


© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.