After years of rapid growth, luxury purveyors in Australia appear to be flatlining, finally caught up in the cost-of-living crisis confronting the nation’s shoppers.
After years of rapid growth, Gucci, Louis Vuitton and other luxury purveyors in Australia appear to be flatlining, finally caught up in the cost-of-living crisis confronting the nation’s shoppers.Luxury giant LVMH, owner of Louis Vuitton, Dior, Tiffany and Moet & Chandon, surprised global investors last month by reporting a 3 per cent quarterly drop in revenue for its fashion and leather goods, the first since the pandemic.
But recent strolls along Collins Street reveal many luxury flagships are devoid of customers even on busy lunchtime workdays. However, Brian Walker from the Retail Doctor Group said although trade in Sydney’s luxury outlets may have slowed, it was not substantial. They were still well-supported by tourists and affluent harbour dwellers, he said. “When the majority of Australia feels the cost-of-living crisis, if you liken that to a cold, well, the luxury market gets a bit of a sniffle, but nothing profound.”
The research firm said while Melbourne and Sydney are popular choices for luxury retailers, rising incomes in Brisbane and Perth are attracting brands such as Gucci, Chanel and Hermes.
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