How the luxury market has changed and why it’s still booming
by Joanne Hunt
16th Mar 2022
16th Mar 2022
Despite high inflation, employment uncertainty and looming recession, Irish affluent consumers are still buying luxury goods - from designer bags, jewellery and high-end cars to property and collectables. Is this being driven by a ‘life is short’ mentality or something else? And what is the future of the luxury market?
Rising inflation and interest rates have meant a cost of living crisis for many, but bigger food and energy bills are not impacting everyone. A surge in the value of luxury brands globally means, despite gloomy economic predictions, the luxury market is, so far, weathering well. According to data, affluent consumer spending remains high and those with money are continuing to take comfort in buying “lovely” things. “Higher income consumers are definitely feeling less impacted...
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