Global sales of luxury goods are in the middle of a boom, despite growing inflation rates, according to industry forecasts. Growth appears to be encouraged by a surge in post-pandemic demand by younger consumers, for apparel, handbags, jewelry, footwear, and other accessories. European high-end product firms are still making strong gains, despite the rise in…
Global Luxury Goods Sales on Track to Hit Record High, According to Study
Wealthy Chinese Selling Their Luxury Items for Quick Cash Amid Economic Downturn
China’s luxury sector is in decline, with an increasing number of wealthy people selling their designer handbags or watches for extra cash. China observer Xia Yifan told The Epoch Times on Aug. 5 that Chinese consumers, including the wealthy, are reluctant to buy luxury items because they don’t have enough money and even have to sell…
As China’s Sales Slump, Luxury Industry Looks to US Market
May 22, 2022
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Affected by the COVID-19 lockdown measures, sales of luxury goods in the Chinese market have suffered significant setbacks. Global luxury industry leaders said recently that the booming U.S. market and emerging markets have the potential to help offset the negative impact of the Chinese market. Before the outbreak of the CCP (Chinese Communist Party) virus…
Neiman Marcus to Spend $500 Million on New Investments Amid Rebound
NEW YORK—Neiman Marcus is hoping to capitalize on rebounding luxury sales by investing more than $500 million over the next three years in refreshing stores, speeding up deliveries and acquiring new technology. The plan, unveiled Tuesday, includes a pact to purchase Stylyze Inc., a tech startup that recommends outfits for customers based on past purchases…
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