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Cryptocurrency wealth is creating a new generation of luxury consumers in the US, Jefferies says
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The jump in cryptocurrency prices is helping to cultivate a new crop of young, American buyers of luxury goods, with their spending on NFT artwork and high-priced apparel set to further propel sales in the luxury market beyond pre-pandemic levels, according to a report from Jefferies.
Chinese consumers remain the dominant force in global luxury spending. But a «surprise package» since the first quarter has been strong growth in the US year-over-year, the investment bank said in a research note Wednesday. The note outlined findings from visits to 48 stores in New York and Florida where high-end brands including Louis Vuitton and Gucci, whose parent company is Kering.
«Beyond the natural impact of
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