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These are interesting times. A total bifurcation of ‘haves’ and ‘have-nots’. A lot of luxury/upscale brands are doing well despite what’s happening. I think everyone is surprised about how well luxury car sales faired this past year considering the economic impact of the pandemic. We have a mall with a mini Rodeo drive in it housing stores like Tiffany, Luis Vuitton, Gucci, Hermès and people are waiting in line to get in since they have occupancy limits. It’s crazy!
Myself, I have a bunch of decent watches sitting on winders and have converted to an Apple Watch for its utility. I curse myself every time I look at it but it’s hard to argue how convenient it is. It helped that my Breitling started losing time and needed service when all of this started. I never sent it in for repair/reconditioning, just started using the Apple Watch and haven’t gone back. . . Yet.
But I can say that this past year has really made me reevaluate buying new, expensive luxury items in the future. I think the long term effect for luxury brands may be more impactful than the short term effect.
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