If you think that the upper classes are immune to recession, think again. In 2023, it seems the world is facing a new kind of economic downturn that targets the wealthy more than the rest. It’s called a richcession, and it could spell trouble for many luxury stocks.
A “richcession” is the term coined to describe a recession that disproportionately impacts higher-income groups. For example, consider the widespread layoffs in big-tech engineering jobs earlier this year as those companies scrambled to cut costs.
