Bloomberg Talks
Mytheresa CEO Talks Luxury Market
Dec 28, 2023
Michael Kliger, CEO of Mytheresa, discusses the luxury e-commerce market and the challenges faced by online retailers. They explore the impact of factors like stock market and real estate markets on the spending habits of higher-end consumers. They also discuss promotional activity and markdowns in the luxury market, as well as the contrasting spending patterns of Chinese consumers compared to Western Europe.
07:40
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Quick takeaways
- Luxury consumers continue to spend during economic uncertainty, driving growth in the luxury market.
- Promotional activities in luxury e-commerce are expected to decrease as stock levels stabilize and markdowns become more controlled.
Deep dives
Resilience of the Luxury Market
The luxury market shows higher resilience compared to the broader American economy, with luxury consumers exhibiting continued spending even during times of economic uncertainty. While aspirational luxury consumers may hold back on spending, there is a segment of high-end consumers who continue to invest in luxury products regardless of price points. The spending behavior of these consumers is closely tied to factors such as stock market performance, commodity prices, and real estate markets. Overall, the luxury market remains robust, with these big spenders driving growth and profitability.
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