Is Luxury Recession-Proof?

The global economy is sailing into a perfect storm: Europe is grappling with Russia’s invasion of Ukraine and the implications for energy imports; China’s pursuit of “zero-Covid” is plunging cities like Shanghai into strict lockdowns; and the United States is staring down the barrel of the highest inflation rates in 40 years. The risk of a synchronised global downturn is rising by the day.

This would be the third global recession to…