These past few years have actually been extremely (!) good for luxury goods makers. For example, Louis Vuitton (LVMH) reported its earnings a few days ago. Total revenue was up 10% year over year (which included an 11% increase for fashion and leather goods segment). Luxury goods have been surprisingly-resilient.“Headwinds”
Overpriced luxury items in a high inflationary environment = declining sales
Not saying luxury goods won’t eventually feel the pressures of high inflation. There are indicators that point to a recent slowing in luxury goods demand (including in the above mentioned results from LVMH). But during this particular overall period of high inflation, luxury good makers have done very well.
LVMH has been doing so well these past few years that its CEO (Bernard Arnault) became the richest man in the world a few months ago (briefly surpassing Musk, before Musk surpassed Arnault again a few months later). I think Arnault has since dropped to third richest as of a few days ago though (so please keep him and his family in your thoughts and prayers tonight, lol).