DECRYPTION – Rising interest rates, soaring energy costs, generalized inflation, war in Ukraine or even Sino-American tensions… None of this seems to have any effect on sales of luxury goods.
Agape. While the world has been going through a succession of crises for three years, the luxury giants themselves are struggling to explain their dazzling health. Since the end of the first wave of Covid, in the spring of 2020, most have shown growth rates well above that of the global market for luxury goods. The latter rose a further 15%, to 353 billion euros, after a 31% increase in 2021.
Historically, the luxury market reflected, in an amplified way, the health of the world economy, in periods of rise as well as in those of fall. In 2008, when the financial crisis reduced global GDP by 1.3%, sales of luxury goods fell by 8%. And, in 2020, when the Covid-19 pandemic, the cessation of travel and the confinements had reduced global GDP by 3.4%, luxury sales had plunged by 21%.
If the strong recovery of 2021 has confirmed the phenomenon, with growth in luxury much stronger than that of global GDP…
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