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A Rush to Luxury: Asian Buyers are Flooding High-End Brand Stores

There has been a marked increase in traffic and sales in the luxury market - from jewellery to cruises
louis vitton jewelry Japan
Credit: Iris Hortman

According to a report in Diamond Loupe, quoted by Rough & Polished, many consumers in Asia are rushing to buy luxury items, including jewellery, before expected price increases.

 

Tiffany & Co. jewelry
Credit: Iris Hortman

 

Following a price hike by Louis Vuitton recently, consumers expect other high-end brands such as Chanel, Dior and Gucci to follow suit  to make up for financial losses caused by the coronavirus crisis, and they are “flooding” luxury stores.  

 

China jewelry watch shop
Credit: Iris Hortman

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According to the report, “due to unmet demand and the inability for buyers to travel and buy luxury goods abroad”, there has been a marked increase in traffic and sales in the luxury market, confirmed by reports of record one-day sales at the Guangzhou Hermès flagship store, a 50% increase in sales from LVMH in mainland China, and a 40% increase in luxury cruise bookings compared to 2019.



Tags: Diamonds News, Jewelry News, Diamond Jewelry News

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