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Tuesday, June 28, 2022

Wealthy Crypto Investors Are Driving Luxury Sales in the U.S., Analyst Says

Demand for luxury goods is rising in the U.S. and cryptocurrency wealth is believed to be behind a chunk of it, according to an analyst at Jefferies.

After a recent trip to New York and Florida, Jefferies analyst Flavio Cereda says the U.S. consumer “continues to surprise,” scooping up a range of high-priced items such as handbags, jewelry and designer clothes.

U.S. buyers of luxury items today are younger and more affluent than in the past, Cereda wrote, according to a report from Bloomberg

Cereda estimates that local “super spenders” account for $20 billion of the total spend, the report states, which is more than double that from Europe but well below China.

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