Hermès Sees Luxury Growth Increasingly Driven by the Stock Market, as Q4 Sales Gain 9.8%

“When you look at the rich consumers, the amount of income they make is small relative to the amount of wealth that they have, and so if they feel good, it’s primarily driven by asset prices,” he said, noting that middle-class buyers remain far more salary-dependent.Solca said that while the U.S. and Japanese markets have seen luxury buoyed by soaring asset prices spread more broadly across the middle class, China’s recovery leans heavily on wealthier consumers invested in the stock market and real estate.“ ...