Can U.S. Consumers Keep Delivering Growth for Luxury Brands? Joelle Diderich

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Can U.S. Consumers Keep Delivering Growth for Luxury Brands? Joelle Diderich

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As we saw in China post-pandemic, where sales soared with what they called 'revenge spending' by people who wanted to reward themselves for making it through the pandemic, it appears Americans are doing the same thing, but how long will it continue? :?:

Can U.S. Consumers Keep Delivering Growth for Luxury Brands?
Joelle Diderich

Tue, July 27, 2021, 4:11 PM

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"PARIS — The U.S. consumer is proving a powerful growth driver for luxury brands as they emerge from the coronavirus pandemic, reducing the sector’s reliance on China — but can the momentum last?

Kering reported on Tuesday its luxury houses saw retail sales in North America soar by a whopping 263 percent year-on-year in the second quarter, with brands led by Gucci gaining traction with all age groups, despite a continued dearth of tourism due to long-running travel restrictions designed to curb the spread of COVID-19.

Revenues in the region were up 86 percent compared with the same period in 2019, considered a more reliable comparison base due to the widespread disruption caused by lockdowns last year.

While stimulus checks resulted in a jump in U.S. retail sales in March, luxury executives believe the trend runs deeper than that — as evidenced by a flurry of investment in new stores, not only in traditional retail hubs like New York City, Los Angeles and Miami, but across the nation.

“Obviously, there is a situation where there is a very high degree of confidence of the U.S. consumer, which is not only due to the stimulus checks,” Jean-Marc Duplaix, chief financial officer of Kering, said on a conference call to discuss the group’s first-half results, released after the market close.

Kering said revenues in the three months to June 30 jumped ... "

https://www.yahoo.com/lifestyle/u-consu ... 59876.html
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