Never has the world been flooded with so much money, and yet never has the gap between the rich and the rest been wider.
10 February 2022 - 05:00A Patek Philippe store at the Siam Paragon mall in Bangkok, Thailand. Picture: 123RF/ wihtgod
However, owing to a combination of scarcity, prestige, the new reality of being stuck in your home for months on end and the explosion of social media influence, there has been a sea change in the nature of global demand for fashion, particularly high-end brands. In 1971, Audemars Piguet, the Swiss watch company founded in 1875, faced an existential crisis. The rise in popularity of quartz watches produced in Japan had caused an upheaval in the industry. The new technology, mass-produced in the East, dealt a huge blow to the age-old Swiss watchmaking fraternity. Audemars Piguet, its revenue significantly diminished, needed to make a bold move to reinvigorate its appeal.
Throughout the pandemic, while many have struggled, there has been a surge in demand for luxury goods After the mass social upheaval generated by the pandemic, and then properly kicked off by the murder of George Floyd, it put a punctuation mark to the word that best encapsulates our unique era: inequality.
Instead of pursuing a stimulus policy grounded in long-term, sustainable value creation, such as building dams, roads and other infrastructure, the US government, facilitated by the Fed, has opted to paper over the yawning economic cracks by printing excessive amounts of money.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DAVID BUCKHAM: Inequality in a luxury watchThe price of a Patek Philippe watch is all about mad money supply, writes David Buckham.
Read more »
Rush to court over auditor-general findings is ‘political accounting’, says David MasondoThe deputy finance minister says some state departments and entities go to court and waste a lot of money on legal fees instead of improving on their financials
Read more »
David vs Goliath as amateurs Mathaithai draw Sundowns, holders Gallants to host PiratesThere will be at least one amateur team in the quarterfinals of the Nedbank Cup after the last 16 draw pitted ABC Motsepe League teams Summerfield Dynamos and Black Eagles against each other.
Read more »
DAVID BUCKHAM: Inequality in a luxury watchThe price of a Patek Philippe watch is all about mad money supply, writes David Buckham.
Read more »
XHANTI PAYI: Higher wages vs jobs debate is misplacedWe shouldn’t be waylaid by the ‘higher wages or jobs’ discussion. Both are important if we are to beat poverty and inequality, writes XhantiPayi.
Read more »