In other words, while grocers see their customers become penny-wise when inflation strikes, Louis Vuitton can boost prices without immediately hurting demand.
Other factors have been at play, too, especially the easing of Covid-related restrictions in most places after more than two years of lockdowns, virus tests and vaccine checks. The spending frenzy has extended to the second-hand market for luxury handbags, which are increasingly seen as long-term investments and drawing new buyers, according to Lucile Andreani, Christie’s head of handbags in Europe, the Middle East and Africa. She estimates that about two-thirds of handbag buyers at auction are now women, and the average age is 43, vs 54 for the rest of Christie’s departments.
Despite high inflation, employment uncertainty, and looming recession, affluent consumers are still buying pricey Chanel handbags, Dior jackets, and Cartier watches.This time around, the unfolding financial crisis may play out slightly differently, according to Federica Levato, a partner at Bain & Company, who expects 2022 to be another record year for luxury. “It’s affecting more the base-of-the-pyramid of consumers — the poorer and middle class, not luxury consumers,” she says.
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