![]() There was no correlation at all between the price of cryptocurrency and luxury spending. But that’s far from the case: The bank’s data showed that in the 10 years prior to Covid, the correlation between luxury spending and the S&P 500 was less than 30%. ![]() “We believe that many investors think that US luxury demand is highly correlated to stock market performance as a large proportion of household wealth is tied up in this asset class,” wrote Bank of America analysts in a recent note. General stock market chaos isn’t a headwind either, they say. “Money is probably the biggest fetish in the world,” said Demna, the creative director of Balenciaga, while backstage at his NYSE fashion show last weekend, The luxe fashion house is now selling NYSE-branded shirts for $800.Īnd why not? US luxury spending was 47% higher in 2021 than in pre-Covid 2019, while jewelry spending was 40% higher, according to Bank of America data. In short: Our weekdays are filled with photos of traders holding their heads in their hands at the New York Stock Exchange, and our weekends have been filled with photos of Kanye West and Balenciaga models stomping through the narrow alleyways of … that same exchange. But luxury spending is up 14% year to date, according to Bank of America aggregated US credit & debit card data. ![]() ![]() The United States may very well be hurtling toward a recession and the Nasdaq is suffering its worst 100-day performance on record. But for luxury investors, it’s more like strutting down the catwalk. To most investors, navigating today’s stock market is as treacherous as walking the plank. ![]()
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