Meanwhile:
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Superior goods.
Quite a good bit of analysis done by some, well, analysts on this: They've taken a look at both the financials of the companies and what deals they've made with what payment providers and what percentage of their sales are being made on/with what payment methods and so on and so forth and wouldn't you know it, a lot, like a LOT of sales have been made on credit - credit cards, buy now pay later providers, all that kind of stuff, and it's THOSE sales that have plummeted in the recent quarterly results.
The "boom" we saw in so much of this frivolous BS was hugely credit driven. Classic case of the financially irresponsible (fake people) using credit to try to make themselves appear to have a lot more money than they really do. Consumerism at its core.
Now don't get me wrong, I (and plenty of others) predicted months ago that consumer goods sales would plummet and services demand (holidays, theme parks, casinos, comedy shows etc etc) would skyrocket once the world started reopening and that's *exactly* what has happened but it's just interesting to note how so much of these luxury brand sales have been made with money people just simply did not have.
It'd be very interesting to take a look at what percentage of sales of services (the aforementioned holidays, theme parks, live theatre etc etc) are being made on credit. To my mind they just aren't the kind of thing you use credit to pay for (I've only ever used credit to cover some kind of unexpected expense that's been more than what I keep in my everyday account) but you can use afterpay to buy-now-pay-later a domino's freaking pizza now so maybe I'm just underestimating how absurd this BNPL craze is actually going to get.
If they're being bought with credit too then it's only a matter of time before the demand for services, like consumer goods before it, falls off a cliff as well.
Food for thought.