2023-12-01 18:39:51
If cyclical consumption depends strongly on economic developments, demand for luxury products is resilient to the economic situation. The current strong growth of the sector is also reflected on the stock market.
A strong month of November: November was the polar opposite of October. After the sharp correction, the stock markets started to rise again this month. Apart from gold, all investment categories rose. The year should therefore end well.
Economic headwinds: Economic forecasts remain gloomy. On both sides of the Atlantic, the purchasing managers’ indices for industry remain below the 50 point mark. The economic slowdown is starting to be felt more and more on the job market. The number of vacant positions is falling sharply and companies have started to cut positions.
Robust consumption: Consumers still seem to be resisting the economic slowdown. Although household morale has been at half-mast for some time, their actual spending shows a different picture. The period leading up to Christmas, which is decisive for retail businesses, is off to a good start: sales reached new records during Black Friday and Cyber Monday. Learn why luxury goods remain highly sought after in this edition’s “In Sight” text.
Unchanged placement tactic: After slightly increasing the share of Swiss equities at the end of October, we are maintaining our tactical positioning as is in December. Given the increased risks of recession, we maintain our slightly defensive positioning.
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