We are certainly living in unusual times right now. There is talk of recession and food prices that have skyrocketed. Interest rates are rising and the security situation feels unstable. Therefore, it is almost surprising that luxury conglomerates and the high-end market are doing so well right now.

Both LVMH and Hermès, for example, are showing very positive results. LVMH showed an increase of 17% in the first quarter of 2023. The fashion and accessories segment increased by as much as 18%. Perfumes and cosmetics increased by 11%. Watches and jewelry increased by 11%. The beverage segment of the conglomerate increased by 3%, with champagne accounting for the strongest increase. Hermès increased by a full 23%.

It is, of course, not surprising that travel has increased significantly given that we have had a pandemic. In January alone, travel increased by 90% compared to the previous year, according to Swedavia's traffic statistics. In March, the increase was 40% compared to March last year, which corresponds to 77% of the levels before the pandemic in 2019. This development is driven by increased international travel, especially to Europe via Stockholm Arlanda, and airlines' continued investments in new traffic.

As for the hotel and restaurant industry, where our readers are important to both sectors, the trend in bankruptcies has reversed. According to UC's monthly statistics, they have decreased by 9% from the previous year. The transport and construction sectors are faring worse.

New passenger car registrations in the EU increased by 28.8% in March, according to industry organization ACEA. Electric cars accounted for 13.9% of the total—an increase of 2.5% compared to the same month last year. At the same time, plug-in hybrids continued to lose ground. Their market share has fallen from 8.8% in March 2022 to 7.2% this year. Interest in gasoline and diesel-powered cars has instead increased sharply, by 18.6% and 11.8% respectively compared to last year.

In Sweden, however, the private market has fallen sharply compared to last year, while the company car market has grown. Volvo Cars reported sales of 162,938 cars for the first three months of 2023, an increase of 10% compared to the same period last year. The increase is due to strong electric car sales. So in many places, things are moving in the right direction!