Is recession even real? Sales of luxury brands like Dior, Louis Vuitton booming

The inflation might have restricted international travel but it didn’t stop the luxury connoisseur from picking up their favourite well-heeled for handbags, watches, jewellery, and cars.

LVMH, the world’s biggest luxury group, showed little sign of weakening demand for its high-end handbags and champagne in the third quarter despite growing fears over the global economy. That’s evident in the 22% jump in sales of LVMH’s fashion and leather goods last quarter, beating analysts’ expectations for a gain of 16 per cent.

“Despite everything going on in the global economy, the demand for our brands remains very vigorous,” said LVMH’s chief financial officer.

According to reports, Europe enjoyed a particularly strong 43 per cent growth in sales, helped in by American tourists whose splurging during their summer holidays was buoyed by a strong dollar. The US market rose 19 per cent, while Asia (excluding Japan) was the weakest region with growth of just 2 per cent as Covid-19 restrictions disrupted the Chinese market.