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.
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.
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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.
