High end cabins on a cruise to the Bahamas are going for $20K. I know that the ads used to tell us that "it's better in the Bahamas," but what could make a cruise that expensive?
Thanks to stock market gains, stimulus and a pandemic recession that largely bypassed white-collar jobs, Americans were able to save an estimated $2.5 trillion more than usual since the pandemic began, according to the Federal Reserve Bank of New York. Additionally, the wealthiest 10 percent of Americans added more than $8 trillion to their net worth, according to the Federal Reserve, as stocks and home values soared in 2020. (Source: WaPo)
All that savings has been burning a hole in an awful lot of pockets. And now it's getting spent, providing a boost to the overall economy. (The U.S. economy is largely - 70% largely - driven by consumer spending.)
“...made us aspire to be more luxury, less mass-market,” [CEO Deirdre] Quinn told The Post. “I actually have moved the brand more into luxury because I think that’s what my customer is looking for.”
On an earnings call this year, Lindblad Expeditions founder Sven Lindblad laid out an agenda to turn the luxury cruise line — 35-day Antarctic cruises start at about $50,000 — into a “diverse high-end travel aggregate.”
But the cycle of economic recovery is not driven by necessities. It is driven by discretionary spending. And increasingly, that means luxury goods.Even Amazon is trying to get in on the luxury spending boom, with their Luxury Stores.