Due to the sharp rise in energy and food prices, consumers in Germany have to save. But not everyone seems to be affected by the crisis: The luxury goods market is hardly feeling the consequences of the Ukraine war – on the contrary.
The luxury business is booming – providers are reporting record sales nationwide. In 2022, sales have so far increased by almost 15 percent to 330 billion euros. The corona pandemic brought the luxury industry the biggest slump in its history in 2020.
Now it is becoming the accelerator of the boom: The rich make up for missed trips and equip themselves luxuriously for it. The luxury group LVMH symbolizes the success of the industry. From January to September, the company, which sells handbags worth thousands of euros, increased its profits by 34 percent to more than ten billion euros.
Our reporters followed the trail of money in Düsseldorf and Cologne – and met people who didn’t feel the crisis at all. The head of a luxury hotel rejoiced: “Christmas business 2022 will be the best ever.”
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