Thursday February 27, 2020
Home World Terror threat...

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

0
//
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.

Check out NewsGram for latest international news updates.

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.

NewsGram brings to you current foreign news from all over the world.

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.

NewsGram brings to you top news around the world today.

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)

Next Story

People Use Hate Speech While Searching About Terrorism on Social Media

People post hate speech while seeking answers on terrorism

0
Social Media terrorism
People often resort to using hate speech when searching about terrorism on a community group social media platform. Pixabay

People often resort to using hate speech when searching about terrorism on a community group social media platform, say researchers.

According to Snehasish Banerjee, lecturer at the York Management School, University of York, it appears seems that people are really curious to know about terrorists, what terrorists think, their ideas, etc.

“While portrayed as a threat to society and human civilisation by mainstream media, terrorists sell terrorism as freedom fighting via social networking sites and private messaging platforms,” said Banerjee.

“However, the actual workings of terrorism are largely shrouded in secrecy. For the curious, a convenient avenue to turn to is the community question answering sites”.

Community question answering sites (CQAs) are social media platforms where users ask questions, answer those submitted by others, and have the option to evaluate responses. Previous studies have mainly looked at terrorism-related data drawn from Facebook and Twitter, this was the first to examine trends on the CQA site, Yahoo! Answers.

Social Media terrorism
While portrayed as a threat to society and human civilisation by mainstream media, terrorists sell terrorism as freedom fighting via social media platforms. Pixabay

The University of York study explored the use of Yahoo! Answers on the topic of terrorism and looked at a dataset of 300 questions that attracted more than 2,000 answers. The questions reflected the community’s information needs, ranging from the life of extremists to counter-terrorism policies. Sensitive questions outnumbered innocuous ones.

A typical innocuous question was: Who exactly created ISIS?, while a more sensitive question was: Do you agree with Donald Trump that we should ban Muslims coming from countries seized by ISIS, Al Qaeda and other terrorists? According to the findings, sensitive questions were significantly more likely to be submitted anonymously than innocuous ones.

While no significant difference arose with respect to answers, the paper found that identities were seldom recognisable. Using names non-traceable to themselves, the community group users become embolden to use provocative, inflammatory or uncivil language. “We found that answers were laden with negative emotions reflecting hate speech and Islamophobia, making claims that were rarely verifiable,” said Banerjee.

Also Read- Facebook and Twitter Remain Divided due to Bloomberg’s Video

Users who posted sensitive questions and answers generally tended to remain anonymous.

“This paper calls for governments and law enforcement agencies to collaborate with major social media companies, including CQAs, to develop a process for cross-platform blacklisting of users and content, as well as identifying those who are vulnerable,” the authors noted in the Aslib Journal of Information Management. (IANS)