CHRIS GILMOUR: Luxury goods sales picking up again
While the outlook seemed bleak in March, many did not realise just how resilient this sector is
Two of the worst affected sectors at the start of the SARS-CoV-2 pandemic in March 2020 were travel and tourism, and luxury goods. While international travel and tourism is still heavily depressed, thanks to lockdowns and travel bans, the luxury goods market is booming, particularly in the Far East.
A large part of this is due to expenditure that would otherwise have been earmarked for foreign travel now being spent on luxury goods. But there is far more to this surprisingly resilient market than just the impact of diverting expenditure away from travel and tourism...