Demand for luxury goods has so far proved resilient from inflationary pressures, with affluent consumers less impacted by a cost-of-living crisis that has led the less well off to cut back on discretionary spending.
Hollie Adams / Bloomberg via Getty Images fileFrench luxury goods giant LVMH beat market forecasts in the third quarter, posting a sharp rise in sales as wealthy shoppers splashed out on fashion and Americans in Europe made the most of the strong dollar.
“The relief of getting out of the pandemic alive has trumped any bad news. Consumers who can embrace a ‘carpe diem’ attitude: nobody wants to be the richest person in the graveyard,” said Bernstein analyst Luca Solca, who added that a recovery in China could come as consumers in the West begin to sober up from the post-pandemic euphoria.
Sales in Europe, the United States and Japan were up sharply since the start of the year, benefiting from solid demand from local customers and the recovery in international travel, LVMH group said. Asia, including China, saw slower growth over the first nine months of the year, though growth accelerated in the third quarter due to the easing of Covid-19 restrictions, the company said.
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