Rich kids live it up…

They’re young, rich and mortgage-free, and the scions of the 1% are having a roaring twenties. Despite the economic gloom currently shrouding the UK and many other western countries, sales of luxury brands have been booming and growing numbers of buyers are young adults. Swiss watches, Louis Vuitton trainers, rare Birkin bags and 81-year-old whiskies are fuelling impressive growth among luxury brands such as LVMH, Burberry and Kering. Imports of Swiss watches to the UK were up by 31% in the first half of 2022, according to the Federation of the Swiss Watch Industry – the average spend at the Watches of Switzerland group being around £6,000. Meanwhile, sales of watches below £2,500, sometimes referred to as “mid-range”, are falling: http://bit.ly/3Gx7SoK