Forget green shoots; think gold-plated ones. Some of the most powerful executives in the luxury sector say consumer confidence is already re-emerging.
“I expect consumers to return to shops by Christmas,” said Diego Della Valle, chairman of Tods Group, the Italian group, who spoke at the Financial Times' Business of Luxury summit in Monaco earlier this week. “I can already feel the change in their thinking.”
Bernard Arnault, chairman of Moët Hennessy Louis Vuitton (LVMH), the largest luxury goods group in the world, said, “the multiplication of products at low prices will have the effect of actually strengthening the demand for products of higher quality and higher prices. We don't buy our dreams at the supermarket.”
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