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Search resuls for: "Claudia D'Arpizio"


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China's rich are turning their backs on flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure. China's rich are growing more cautious about flaunting their wealth as the economy faces headwinds, putting the country's luxury market under pressure. "Wealthy customers are afraid of being seen as too ostentatious or too showy," Claudia D'Arpizio, partner partner and global head of fashion and luxury at Bain & Company, told CNBC in a separate interview. "We call it luxury shame similarly [to] what happened in the U.S. in 2008-2009," D'Arpizio said. "Even people that can afford to buy these products have less willingness to do so, [in order] not to be seen as really buying or wearing very expensive products."
Persons: Derek Deng, Claudia D'Arpizio, D'Arpizio Organizations: Bain and Company, Bain &, Bain & Company, CNBC Locations: China, U.S
Experts say the richest are actually even richer and spending more than they were before the pandemic. Most Americans now have "spent up" demand for goods, but still have pent up demand for services, Zandi says. In her experience, luxury spending is highly correlated with the stock market, and investors have enjoyed handsome returns so far this year as the S&P 500 rebounds from its 2022 lows. The luxury services sector was a particular hot spot. "If this is a richcession, the rich are probably saying, bring it on," Zandi said.
Persons: they've, Mark Zandi, Zandi, they're, Rather, pricey Taylor Swift, Taylor Swift, Patek Philippe, Claudia D'Arpizio, D'Arpizio, Scott Dunn, Bridget Lackie, Lackie, Jennifer Stillman, Douglas Elliman, we've, Stillman Organizations: Service, Wall Street, Rolex, Bain & Company Locations: YOLO, Wall, Silicon, New York
Total: 2