×
76 678
Fashion Jobs
URBN
Urbn Security Officer Days & Night Part-Time
Permanent · LEVITTOWN
BATH & BODY WORKS
District Manager - Hudson Valley
Permanent · YONKERS
SACKS
2nd Shift Asset Protection Associate
Permanent · LA VERGNE
SACKS
2nd Shift Inventory Control Processor
Permanent · LA VERGNE
UNDER ARMOUR
Stock Lead, ft
Permanent · DAYTONA BEACH
UNDER ARMOUR
Stock Teammate, Part-Time, $16.75 Per Hour
Permanent · ANAHEIM
UNDER ARMOUR
Stock Lead, pt
Permanent · COLUMBIA
UNDER ARMOUR
Stock Teammate, Part-Time 5:00 am Tuesday - Saturday Shift, $15.25 Per Hour
Permanent · SAN DIEGO
SALLY BEAUTY CORPORATE
Outside Sales Representative- Cosmoprof- Boise id
Permanent · BOISE
SALLY BEAUTY CORPORATE
Outside Sales Representative- Cosmoprof- Green Bay wi
Permanent · GREEN BAY
SALLY BEAUTY CORPORATE
Outside Sales Representative- Cosmoprof- Warsaw in
Permanent · WARSAW
GAP
General Manager - Arundel Mills
Permanent · HANOVER
GAP
General Manager - Santa Cruz
Permanent · SANTA CRUZ
BANANA REPUBLIC
General Manager - Foley (Riviera)
Permanent · FOLEY
OLD NAVY
Asset Protection Service Representative - Anaheim Plaza
Permanent · ANAHEIM
GAP INC.
Asset Protection Coordinator - Southpark s/c
Permanent · CHARLOTTE
OLD NAVY
Asset Protection Coordinator - Eastchase Plaza
Permanent · MONTGOMERY
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Billings
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Cape Coral
ABERCROMBIE AND FITCH CO.
sr. Manager, Digital Product Management (Remote)
Permanent · Columbus
NIKE
Distribution Center Operations Manager
Permanent · Memphis
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time - Rosemont
Permanent · Rosemont
By
Reuters
Published
Jun 22, 2010
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Millionaires increased spending on luxuries in '09

By
Reuters
Published
Jun 22, 2010

NEW YORK (Reuters) - As financial markets recovered last year, the world's millionaires again indulged in their passions for luxury cars, yachts, art and jewelry.


Photo : Reuters/Luke MacGregor

While demand for many luxury items remains weaker than in 2007, spending on so-called "passion investments" increased during the second half last year and is expected to continue to rise, according to the latest Merrill Lynch-Capgemini world wealth report.

"Auction houses, luxury goods makers and high-end service providers, which all reported signs of renewed demand later in 2009, expect spending to be more robust in 2010," the report said.

The wealthy spent more on cars, boats and jets in 2009 than the year before. Millionaires in the emerging markets showed increased demand for luxury cars.

BMW (BMWG.DE), for example, reported double-digit growth in sales in China and Brazil in 2009, while VW's (VOWG_p.DE) Audi also had a sharp increase in China sales, the report said.

Yacht makers were roiled by the market meltdown, with 80 percent forced to suspend or shut down operations. Sales started to recover during the 2010 first quarter, with U.S. yacht sellers reporting a 30 percent increase in sales compared with a year earlier, according to the report.

And with financial markets still in flux, a number of millionaires are investing in art and other collectibles -- such as antiques, coins and fine wines -- that they believe will retain their value over the long-term, the report said.

In the art world, millionaire investors eschewed contemporary art for works by old masters and modern art from the 1960s and 1970s -- art considered more likely to hold its value.

There was less demand for fine art overall last year: Global fine art auction sales totaled $4.6 billion, down 45 percent from 2008.

China was one of the few countries to see an increase in demand for fine art, with a 25 percent increase in auction revenue to $830 million.

Sales of other collectibles started to recover. The Live-ex 100 Fine Wine Index, which tracks the price of 100 of the world's finest wines, rose 15.7 percent during 2009.

Sales of coins and memorabilia also rose, with a number of high-end items selling at high prices at auctions in late 2009.

Perhaps most notable was a 1795 reeded-edge U.S. penny, one of only seven in the world, which sold at auction for nearly $1.3 million. It was the first time a 1-cent coin had broken the million-dollar barrier, according to the report.

Wealthy investors are also holding an increasing portion of their passion investments as jewelry, gems and watches. It is a particularly attractive investment for Middle Eastern millionaires, who held 35 percent of their overall passion investments in jewels.

(Reporting by Helen Kearney; editing by John Wallace)

© Thomson Reuters 2023 All rights reserved.