Given the growing list of adverse world events, luxury should be halfway out the door now. Two actual wars and two possible - the Houthis and China versus Taiwan plus a Trump-load of aggro building in the United States should surely focus consumers' minds beyond the latest It handbag and more bling for one's Crocs.
Global inflation is still gnawing the economic scenery and China's growth mode has gone from "charge!" to "a cup of tea and a lie-down". The global labour shortage is undiminished, as are energy prices and housing unaffordability. An Armani blazer can warm one up only so much.
Accordingly, signs had begun to emerge that the US$390 billion (NZ$640 billion) luxury personal goods sector was in decline.
Amid slowing sales and profit warnings, brand merchants were changing ownership at massive discounts. Saks Fifth Avenue couldn't pay its suppliers for several months.
This made sense, as pandemic lockdowns had pumped sales to outlandish heights. Unable to spend on travel, dining and entertainment, consumers splurged record amounts on high-end merchandise.
Denne historien er fra January 27 - February 02, 2024-utgaven av New Zealand Listener.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 27 - February 02, 2024-utgaven av New Zealand Listener.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
First-world problem
Harrowing tales of migrants attempting to enter the US highlight the political failure to fully tackle the problem.
Applying intelligence to AI
I call it the 'Terminator Effect', based on the premise that thinking machines took over the world.
Nazism rears its head
Smirky Höcke, with his penchant for waving with a suspiciously straight elbow and an open palm, won't get to be boss of either state.
Staying ahead of the game
Will the brave new world of bipartisanship that seems to be on offer with an Infrastructure Commission come to fruition?
Grasping the nettle
Broccoli is horrible. It smells, when being cooked, like cat pee.
Hangry? Eat breakfast
People who don't break their fast first thing in the morning report the least life satisfaction.
Chemical reaction
Nitrates in processed meats are well known to cause harm, but consumed from plant sources, their effect is quite different.
Me and my guitar
Australian guitarist Karin Schaupp sticks to the familiar for her Dunedin concerts.
Time is on my side
Age does not weary some of our much-loved musicians but what keeps them on the road?
The kids are not alright
Nuanced account details how China's blessed generation has been replaced by one consumed by fear and hopelessness.