Rising cryptocurrency prices train young U.S. luxury buyers

On December 16, US investment bank Jefferies stated that the jump in cryptocurrency prices this year is helping to cultivate a group of young American luxury buyers. Their spending on NFT art and high-priced clothing will further promote sales in the luxury goods market beyond pre-epidemic levels. Jefferies said in a research report on Wednesday that since the first quarter, spending by young luxury buyers in the United States has grown strongly year-on-year.

Jefferies stock analysts Flavio Cereda and Kathryn Parker wrote: “In addition to the so-called natural influence of’repressed demand’,…we have also noticed the significant value of assets (from the stock market to real estate to contemporary art). Soaring. Most importantly, the significant impact of cryptocurrency wealth has once again increased the total amount of cash transactions.” They stated that conversations with luxury store managers and assistants seem to indicate that young people under the age of 35 are buying with cryptocurrency profits Artwork (including NFT artwork), expensive jewelry, clothing and accessories played an important role.

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