Drop in luxury goods inflation signals downturn effect on wealthy
Inflation for a basket of luxury goods including caviar, cigars, champagne, jewellery, watches, cars, art and hotels has almost halved to 3.3% in the year to April, suggesting even the rich are getting affected by the downturn, the Stonehage Affluent Luxury Living Index has shown, according to a report in the Financial Times.
The London benchmark is now down to 3.8% - representing a sharp correction from the 6% mark it registered in 2006-07.
Prices of cars and watches represented the most noteworthy deflationary trends among the luxury goods, with a Panerai Luminor Submersible watch now almost 17% cheaper than last year at £4,500 (€5,655), and an Aston Martin DBS down 15% from £188,000 to £160,000.
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