Tech giants report high revenues; Gucci and other luxury brands see declines. A sign of changing consumer priorities in a digital age.
If you had $1,000 to spend on tech products or items from luxury brands, which would you buy? It's looking like the consumer has spoken.While tech giants like Microsoft Corp, Alphabet Inc, and Spotify Technology SA posted astronomical growth in their earnings this week, an emerging trend reveals that luxury brands, including stalwarts like Gucci, are seeing a downturn—a hint at a changing behavior among global consumers.
Diamond sales also lack sparkle, with some in the industry claiming that it's due to a reduction in marriages as well as inflation.Amy Hood, Executive Vice President and CFO of Microsoft, attributed the company's roaring success to their sales teams' consistent execution and partner collaborations. Echoing her sentiment, Microsoft's Chairman and CEO, Satya Nadella, said the role of artificial intelligence was crucial in their first-quarter triumphs.
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