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Terror threat in Europe over U.S. Elections erode confidence of Globe’s big-spenders

Spending on luxury apparel, accessories and other personal items is expected to hold steady at 249 billion euros ($273 billion) this year

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People walk in front of Gucci shop in Monte Napoleone street in Milan, Italy, Thursday, Oct. 20, 2016. The terror threat in Europe, a strong dollar and uncertainty over the U.S. presidential elections have eroded the confidence of the globe's big-spenders, holding luxury purchases flat in 2016, according to a study released Thursday. VOA

The terror threat in Europe, a strong dollar and uncertainty over the U.S. presidential elections have eroded the confidence of the globe’s big-spenders, holding luxury purchases flat in 2016, according to a study released Thursday.

Spending on luxury apparel, accessories and other personal items is expected to hold steady at 249 billion euros ($273 billion) this year, a study by Bain Consultancy for the Altagamma association of Italian high-end luxury producers. Add in spending on luxury cars, yachts, jets, cruises, hotels, fine art, design and food, and the market tops a stunning 1 trillion euros.

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As political events and monetary policy exert greater influence on luxury spending patterns, brands have turned their focus to wooing buyers in their home countries rather than counting on tourist arrivals to buoy sales, said Bain partner Claudia D’Arpizio.

“This is not happening by default,” D’Arpizio. “Brands are refocusing on the local customer base and working to develop products that are more affordable and more inclusive to meet their needs.”

For the first time, spending by China’s super consumers shrank, albeit slightly from 31 percent of the total to 30 percent of the total. Part of the shift was due to an increase in the number of middle-class Chinese travelers, who collectively spend less than higher rollers, she said.

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While U.S. presidential elections always put the freeze on consumer spending, D’Arpizio said this year’s squeeze was a little tighter due to a strong dollar, which also hurt tourist spending, and higher oil prices.

In Europe, brands are also working to cultivate local buyers as the threat of terrorism has hurt tourism. They are seeing local consumption recover in Italy, Germany, Spain and Britain. But spending remains soft in France, with terror attacks impacting both tourists’ and locals’ sentiment, D’Arpizio said.

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Britain’s decision to exit the European Union so far has proven a boon for luxury spending, with the falling pound encouraging both domestic consumption and travelers to spend.

“Currently, London is the cheapest luxury market,” D’Arpizio said. (VOA)

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Terrorist Safe Havens Should Be Eliminated: Rajnath Singh

Rajnath Singh said in Bangkok that the international community should come together to disrupt terrorist networks

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Defence Minister Rajnath Singh
Defence Minister Rajnath Singh said in Bangkok on Monday that the international community should come together to eliminate terrorist safe havens. Wikimedia Commons

Defence Minister Rajnath Singh said in Bangkok on Monday that the international community should come together to eliminate terrorist safe havens and disrupt their networks and financing in order to thwart cross-border movements for achieving sustainable regional security is achieved.

Singh was addressing the sixth ASEAN Defence Ministers’ Meeting Plus (ADMM-Plus) in Thailand, which holds the rotating chairmanship of the regional framework this year. Describing terrorism as the most heinous cross-border crime, Singh said some states have been using terror to pursue their political goals.

“It is so much worse when terrorists are aided, abetted, armed, financed and sheltered by States. The interplay between states and non-state actors, used as proxies to foment violence, has worsened this menace. The persistence of State-sponsored terrorism is not just a painful cancer, it is also the leading reason for unsustainable security,” said Singh.

Rajnath Singh
Rajnath Singh says that The persistence of State-sponsored terrorism is the leading reason for unsustainable security. Wikimedia Commons

The theme of the meeting this year is ‘Sustainable Security.’ Singh said there is a need for a more cooperative, equitable and consultative paradigm to deal with the broad and complex security challenges to find sustainable solutions.

Singh further said that India’s Indo-Pacific vision is based on the idea of sustainable security as it focuses on a free, open, inclusive and rules-based region in which there is respect for sovereignty and territorial integrity of all natikons.

“Our region must remain open and welcoming to the interests of all, those who live in it and others whose interests are in it. In short, our approach to security in the Indo-Pacific is sustainable by definition because it emphasises Security and Growth for All in the Region (SAGAR),” added Singh.

On negotiations for a Code of Conduct for the South China Sea, Singh said the outcome of these talks will be in keeping with all relevant international laws, including the United Nations Convention on the Law of the Sea. He said the forum promotes freedom of navigation, overflight and lawful commerce and also emphasised the need to protect the rights of States that are not party to these negotiations.

Also Read- India Still Projected To Be The Fastest Growing Economy Among G-20 Nations

Singh emphasied that India looks forward to the progress made through dialogue in addressing all related issues, including the proliferation trail that links South and East Asia on the issue of denuclearisation of the Korean peninsula. “As dialogue remains on the table, we hope missile launches and such destabilising activities will cease”, he said.

During the course of his address, Singh said India is eager to co-chair the India-Indonesia Expert Working Group on Humanitarian Assistance and Disaster Relief (HADR) in the next cycle. (IANS)