Luxury looks homeward as Covid curtails travelIt is the "upper middle class, the rich and ultra-rich untouched by the crisis" who could not travel and instead bought luxury goods, said Arnaud Cadart at FlornoyPARIS - The luxury sector has flashed back from the Covid-19 pandemic but the crisis is still putting a crimp in travel, a key part of the market. Industry giants have reported results that show the world's well-heeled are splurging on luxury goods as sales surpass even pre-pandemic levels. It is the "upper middle class, the rich and ultra-rich untouched by the crisis" who could not travel or eat out and instead bought luxury goods, said Arnaud Cadart at asset manager Flornoy. "There is a young generation in the United States that feels comfortable with luxury purchases," in particular among the African-American, Hispanic and Asian populations, he explained. The luxury market will nonetheless "remain dominated by local buyers for at least another year," Rambourg forecast.

Source: Bangkok Post August 01, 2021 03:33 UTC