The rich are getting richer, and it is a good thing for the luxury industry.
There is no doubt that money has been spent over the past few years due to the Pandemic.
The CEO of Mayhoola said that exclusive products are more in demand among the wealthy. According to a study, wealthy Americans are poised to emerge from the epidemic in better shape than they were.
The strategy of becoming even more exclusive seems to be paying off. The luxury brand is planning an additional $1 billion investment this year after price increases helped it surpass its pre-pandemic profit levels. The company has raised global prices on some of its classic handbags by two-thirds.
The US is booming for luxury, and we feel like this is going. The most expensive products are in high demand.
He flagged the importance of connecting with young customers and the power of the brand ambassador.
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