Luxury sales 2quarter 40% increase sends department store stocks to record highs
The wealth effect driven by a semiconductor boom and a rising stock market 2lifted luxury consumption in the quarter. Luxury sales 2quarter 40% increase, sending major department store stocks to record highs.
Department store stocks reached record highs. Related stocks rose as store visitor numbers increased and luxury stores filled with shoppers. The trend reflected both stock movements and consumer conditions at the same time.
An improving semiconductor industry and a strong stock market created a wealth effect. As a result, 2quarter luxury sales rose 40%. An increase in foreign tourists also contributed to the sales expansion.
Major department stores normalized store operations, making the recovery in sales more visible. The growing share of sales from luxury stores contributed to overall results. Retailers disclosed the related results.
Some consumers were reported to have purchased high-priced goods with investment gains. Sales at duty-free shops and luxury brands rose together. Store congestion was observed in major commercial districts.
In the stock market, demand for the department store sector was found to have concentrated. New record highs were accompanied by increased trading volume. Differentiated trends emerged among individual stocks.
Companies are expected to disclose quarterly sales and the proportion of luxury goods sales in their next earnings announcements. Investors will be able to check how the relevant figures are reflected in those disclosures. Tourist flows in the second half of the year are also expected to affect earnings.
Sources: 매일경제 증권
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