From Breakingviews - Luxury tests limits of its immunity to downturns
In one sense, luxury is insulated from cyclical downturns. The top 5% of wealthiest shoppers who are probably less sensitive to inflation drove around 40% of global luxury sales last year, according to Boston Consulting Group. Shares in the European luxury sector are on average up 69% since the start of the pandemic in 2020. Over the same period, the S&P 500 Index
is up 40%. Meanwhile, revenue in Asia, which makes up 40% of Richemont's revenue, grew 40% year-on-year in the last quarter. Yet investors are now focusing on the clouds on the horizon. Citi credit card data showed in April that Americans spent 18% less than they did in the same month last year; and younger, less wealthy consumers make up more of the market there. That’s a problem for the likes of Richemont, which mainly sells big-ticket items like posh watches and Cartier bracelets. But if the U.S.
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