Dive Summary:
- Retail luxury items like watches, handbags and jewelry have surprised economists by their resiliency throughout some downward trends in global economies.
- “The top end of luxury is still growing and you can see that in many ways,” said Anastasia Kourovskaia, vice-president at Millward Brown Optimor, a brand consultancy firm.
- According to a report, Prada has experienced the steepest gain in brand value internationally, an increase of 63%. The positive sustainability for luxury goods can be mostly attributed to the rise in ecommerce, according to some economists.
From the article:
“It is almost to the point where physical objects are romanticized,” says Ms Kourovskaia. “They are a thing of beauty and experience. They provide emotional attachment. In contrast, digital objects are functional and rational."
