Luxury items buck the trend
Wednesday, October 12, 2011
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We are expecting demand for goods and services to be dropping as the economic outlook worsens. Not so says Burberry, makers of expensive luxury items such as the trench coat and handbags. They have seen revenues rise 30% in the six months to September 30th.
Why is this I hear you saw? Surely as incomes are falling demand should shift to the left (at least that what my Economics teacher tells me!). Well the reason behind it is that this is a luxury item purchased by the better off in society who are probably not feeling the downturn as much.
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