Boom or bust, we Chinese love our Gucci loafers. And yet luxury retail remains strong. One explanation is that luxury retail is recession-proof. After the collapse of Lehman Brothers Holdings Inc., for instance, U.S. retail sales excluding food tumbled by double-digits in 2009, but LVMH’s North America sales fell only 7.2 percent. (1) Gucci loafers are versatile, while Manolo Blahniks — those pencil-thin heels of “Sex and the City” fame — are only for ladies who do high tea.

Source: Washington Post February 03, 2019 22:52 UTC