While small businesses have been struggling with the pandemic-hit economy since the start of the global health crisis, the opposite is true for several high-end brands.that in 2021, worldwide car sales reached a record level in their 117-year history.
"You should actually ask my sister or my mom instead of me. Because they are the ones who would have caused my bankruptcy during this period," an Arab multi-millionaire tellsAsked whether the pandemic has changed his spending behaviour, he says, “You know what, for me and my family... This period showed us that it is not clear whether we will live tomorrow or not. So if you have a chance, I think you have the right to spend some according to your wishes.
According to initial figures adjusted for exchange rate changes, the group’s revenues for 2021 reached $3.8 billion, up 41 percent from 2020 and up eight percent compared to 2019. ''But of course, not being able to enter the stores during the restriction period and not able to touch the products may have left us longing for them,'' Erdem added.
But luxury brands also adopted online shopping channels, though the transition is a little more difficult than other sectors due to their high prices, structures that highlight a one-on-one experience, or doubts that they could persist to be a status indicator via digital channels.
This 'again' proves: Poorer become poorer while richer become richer...