Demand for luxury products remains strong


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • 70% of high-end shoppers are continuing to purchase luxury goods, with some purchasing more than usual this year, according to online advertising firm Criteo.
  • Yves Saint Laurent for example saw revenues increase 23% year-over-year.
  • Some luxury goods manufacturers have suffered more than others, with Michael Kors revenues falling 7.2% year-over-year.

Luxury brands, in general, have done well despite distressing economic data in many other sectors, according to advertising firm Crete, with 70% of high-end shoppers continuing to purchase luxury goods.

Some high-end shoppers enjoy making international trips specifically for the fantastic shopping opportunities and great exchange rates can be one of the perks of shopping abroad.

A fast online money transfer is a great option for travellers needing to pay for purchases quickly and securely.

Over a quarter of global consumers said that they will continue to buy luxury and designer goods – 21% stated that they would buy more over the next six months, with many making online money transfers to purchase luxury goods abroad.

This has led to many high-end labels seeing an increase in sales, with Yves Saint Laurent revenues increasing 23% year-over-year.

Luxury fashion company Ralph Lauren also saw a successful comeback, with its net revenue increasing by 1% to $1.8bn, according to its fiscal reports from the most recent quarter.

Some luxury retailers have fared better than others though. Balenciaga’s revenues fell substantially, perhaps due to controversy surrounding one of its recent campaigns.

However, most luxury manufacturers that saw losses only experienced minor ones.

If you regularly make overseas luxury goods purchases, then it is important that you know how to facilitate a money transfer at a great exchange rate. Transferring funds before your trip means that you have what you need to cover any unforeseen expenses beyond just purchasing luxury goods.

To get the best money transfer rates, check out FXC’s money transfer comparison tool.

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