I remember ringing my Rolex dealer (2021) asking about a new watch as a present for the OH and was told that they didn’t have a single Rolex in the dealership. Times have changed it seems:
Ryan Preclaw, head of research investment sciences at Barclays, stated last December that wealthy consumers were beginning to dial back spending as “it may be the start of a luxury recession.”
Come to think of it we have unconsciously cut back on expenditure. The OH recently had a birthday and the present cost about $25 - it wasn’t a Rolex .
We have also got rid of one of our cars as we now only drive once or twice a week.
ya had me…until I saw the source. Not an ounce of worth.
But hey a broken clock is right twice a day. Ya never know.
- Global sales of flagship model fell 18% in third quarter
- Mercedes, BMW China sales drop amid economic downturn
that was Bloomberg’s subheadline
This is ZH headline
Now Consumers Revolt Against Mercedes S-Class As Luxury Bust Worsens
My comment the word "revolt’ is what I object to. ZH is spouting nonsense.
The other issue the US and Western “recession” is a mild demand-side recession. Except in central Europe where supply-side econ is setting in.
That pales to China’s recession.