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There may be some merit to the "money problems" arguments, although I'm not sure that people buying luxury fashion items have been hit particularly hard by the
by vladvasiliu 6y ago
There may be some merit to the "money problems" arguments, although I'm not sure that people buying luxury fashion items have been hit particularly hard by the crisis.
> Luxury spending is made to satisfy a very deep human need: show off purported wealth, possibly like animal dances before mating.
This seems more likely to me. To show off, you need to be in the presence of other people. With widespread lockdowns and bans on gatherings, there's less of an opportunity to do this.
- emteycz 6y agoThe rich people in Europe aren't 100,000x richer than the average individual. They are 5x, sometimes 10x, and very rarely 100x richer. Most of people that were considered rich here really got poor, especially since many of them derived income from running service and tourism businesses. The few hyper-rich industrialists who profited are much less than a statistical error. Consider: It is rather usual to be acquainted or even a friend with a dollar millionaire in the US, and low millions "aren't even much", while just few million euro places you near the absolute top in Europe.
- FDSGSG 6y agoDepends on where in Europe. The really rich tend to congregate in a few places. A few million won't get you far in Courchevel, you'll still feel poor in Porto Cervo and be nobody at all in London.