GIULIETTA TALEVI: For the super-rich, the pandemic has been a time to splurge

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The luxury goods houses did a roaring trade as truly colossal sums of money were lavished on the world’s finest watches, perfumes, jewellery, handbags and high-end clobber, writes GTalevi.

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Luxury brand Burberry at a shopping mall in Beijing, China. Picture: REUTERS/TINGSHU WANGou care to know what the world’s wealthy spent their cash on in the run-up to the festive season, then Richemont and Burberry’s third-quarter results, released on Wednesday, are illuminating.

The Americas, especially, stand out, where sales at constant rates were a truly eye-popping 55% higher, besting every other region for the group. While millions of people lost – or quit – their jobs during the pandemic, the world’s billionaires had a roaring time. According to data from Forbes, the US’s billionaires grew $2.1-trillion richer during the pandemic, a gain of about 70%. They also increased in number. According to Forbes, in March 2020 there were 614 Americans with 10-figure bank accounts; by October there were 745.The numbers may also indicate that the age of the slovenly pandemic track pant is behind us.

The big question for investors is what may happen to these luxury goods groups in 2022 – not just from a sales perspective, but from a share price performance., analysts estimate that luxury goods sales will increase from €283bn in 2021 to between €300bn and €310bn in 2022.

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