Mmmmwahhhh. Luxury's Long Kiss Goodbye.
by Murray Gunn
Updated: June 15, 2021
If the world's 500 richest people were a country, at $8.4 trillion their combined "GDP" would be the third largest economy in the world, behind the U.S. and China. This boom in global wealth has been fueling the consumer discretionary sector, which has outperformed the global stock market since 2009. But now something "really grabs our attention" on the chart of Consumer Discretionary Select Sector SPDR Fund ETF (XLY). Our head of Global Research explains.
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