Jefferies said a further increase in crypto assets had brought U.S. consumption of luxury foods back to pre-contagion levels.

U.S. investment bank Jefferies said the rise in cryptocurrency prices this year will help support a younger group of U.S. luxury buyers. Investment in NFT art and high-end clothing will lead to a pre-launch of sales in high-end markets.

In a research note Wednesday, Jefferies said spending on young luxury goods in the United States had increased year-over-year since the first quarter.

Jefferies Judges Flavio Cereda and Kathryn Parker said, “The skyrocketing and, more importantly, the significant impact of cryptocurrency has once again increased total cash flow. "

They said their interviews with luxury store executives and advocates show that young people under 35 play an important role in spending their income, from cryptocurrency to graphics (like NFT art). , to expensive jewelry, clothing and accessories. .

They write: “According to our interview, about 20 to 25% of our eyes (in the last 12 months) will be affected by the phenomenon.

Jefferies said U.S. spending for 2021 was returning to pre-2019 levels for COVID-19. According to the report, by fiscal year 2023, this spending could increase by 45% compared to the same period in 2019.

Jefferies recommended investors to join LVMH, Kaiyunji (0.6282, -0.02, -3.35%), Mytheresa retailers and Swiss watch companies.