CHRIS GILMOUR: Sales of high-end luxury goods boom amid downturn
If you are fortunate enough to have squirrelled away enough cash over the years, higher interest rates are a boon
Someone once told me that economic factors occur at the margin and rarely if ever have a lasting effect. I have found that to be true, other than the events associated with global catastrophes, such as the Global Financial Crisis of 2008 and the Covid-19 pandemic of 2020/21.
In those events one didn’t have to look hard to find economic and financial destruction; it was there for all to see. But the current downturn (if indeed it can even be described as such) is very much centred on a few countries such as the UK, and even there, because of Britain’s well-developed welfare state, identifying genuine economic and financial stress among consumers is not that easy. And if you are fortunate enough to have squirrelled away sufficient cash over the years, higher interest rates are a boon. The latest Brand Finance Luxury and Premium Goods ranking seems to endorse that view, with high-end luxury goods sales booming. ..
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