文本选自：The Economist（经济学人）
作者：Unknown
原文标题：Is the luxury sector recession-proof?
原文发布时间：3 Jun. 2023
Is the luxury sector recession-proof?
Hermès is a byword for exclusivity. Its signature Birkin bag, one of which sold for $450,000 last year, cannot be bought from the luxury firm's website or by simply walking into a store. There are neither ads in fashion magazines nor glossy campaigns on Instagram. For the not-so-famous, owning a Birkin can involve a years-long waiting list.
Part of the reason for the wait is constrained supply, which Hermès manages with the precision worthy of its stitching. But another part is booming demand for all manner of luxury goodies. Last year net profits of Kering, which owns fashion labels such as Gucci and Balenciaga, rose by 14%. Those at lvmh, owner of Tiffany and Louis Vuitton, among other brands, grew by nearly a quarter. Hermès and Richemont, which owns Cartier, among other baubles, each saw theirs surge by more than a third. Together, the four groups raked in over €33bn ($35bn) in profits, on combined revenues of around $130bn.
That, though, was before persistent inflation and rising interest rates to combat it fanned fears of a global recession. Now, as those fears intensify, luxury brands are losing their shine, at least in the eyes of investors. Luxury bosses' unease expressed at an industry pow-wow on May 22nd provoked a sell-off that wiped $65bn, or 7%, from the four luxury groups' collective market value. Once shareholders stop quaking in their Louboutins, they may pay closer attention to two things in order to assess their luxury stocks' prospects.
奢侈品行业是否能抵御经济衰退？
精听党背景导读
拥有LV、迪奥、宝格丽等奢侈品品牌的LVMH集团董事长Bernard Arnault表示，中国疫情防控政策的优化调整为LVMH带来了2023年的强劲开局，他对中国市场充满信心。
2022年，据LVMH集团财报数据，按交货区域划分，欧洲市场（法国除外）收入同比增长28.98%；日本市场和美国市场收入则分别同比增长24%和29.84%；而“受疫情影响”，亚洲市场（日本除外）收入则与2021年基本持平，仅增长6％。
文本选自：The Economist（经济学人）作者：Unknown原文标题：Is the luxury sector recession-proof?原文发布时间：3 Jun. 2023关键词：奢侈品 经济衰退 抵御
精听党带着问题听
1.“不受经济衰退影响的”用英语可以怎么表达？2. 如何理解段一中的“rake in”？3. 四个奢侈品集团在2022年的总收入达到多少？
精听党选段赏析
标题解读
Is the luxury sector recession-proof?
奢侈品行业是否能抵御经济衰退？
luxury n. 奢华，华贵；奢侈品；不常有的乐趣，难得的享受；1. A week by the sea is a luxury they can no longer afford. 去海边一周成了一种奢侈，他们再也负担不起。
recession-proof adj. 不受经济衰退影响的；抗衰退的；1. Fast food was once thought to be recession-proof. 快餐曾经被认为是不受经济衰退影响的行业。
段一
Hermès is a byword for exclusivity. Its signature Birkin bag, one of which sold for $450,000 last year, cannot be bought from the luxury firm’s website or by simply walking into a store. There are neither ads in fashion magazines nor glossy campaigns on Instagram. For the not-so-famous, owning a Birkin can involve a years-long waiting list.
byword n. 代名词；代表；典型；1. She is the byword of elegance and grace. 她是优雅和风度的代表。
exclusivity n. 独特性；排他性；1. The club is known for its exclusivity and high membership fees. 这个俱乐部以其独特性和高会员费而闻名。2. The brand's exclusivity adds to its appeal among luxury consumers. 这个品牌的独特性增加了在奢侈品消费者中的吸引力。
signature Birkin bag 经典爱马仕包；1. The signature Birkin bag is a status symbol among fashion enthusiasts. 经典爱马仕包是时尚爱好者的身份象征。2. signature n. 鲜明特色，明显特征；
glossy adj. 光滑的；有光泽的；1. She applied a coat of glossy nail polish to her nails. 她在指甲上涂了一层有光泽的指甲油。
campaign n. 活动；运动；1. The environmental organization launched campaigns to raise awareness about climate change. 环保组织发起了运动，以提高人们对气候变化的意识。2. The presidential candidate traveled across the country during the election campaigns. 这位总统候选人在竞选活动期间跨越全国各地旅行。
参考译文
爱马仕是奢侈品的代名词。它的招牌Birkin手袋，去年有一款售价达到45万美元，无法通过奢侈品公司的网站或仅仅走进商店购买。时尚杂志上没有广告，Instagram上也没有华丽的宣传活动。对于普通人来说，拥有一款Birkin手袋可能需要等待多年。
段二
Part of the reason for the wait is constrained supply, which Hermès manages with the precision worthy of its stitching. But another part is booming demand for all manner of luxury goodies. Last year net profits of Kering, which owns fashion labels such as Gucci and Balenciaga, rose by 14%. Those at LVMH, owner of Tiffany and Louis Vuitton, among other brands, grew by nearly a quarter. Hermès and Richemont, which owns Cartier, among other baubles, each saw theirs surge by more than a third. Together, the four groups raked in over €33bn ($35bn) in profits, on combined revenues of around $130bn.
constrained adj. 受限的，受约束的；1. Due to the constrained budget, we had to make some difficult decisions. 由于预算受限，我们不得不做出一些艰难的决定。2. The team's performance was hindered by the constrained resources they had. 团队的表现受到了资源有限的限制。
worthy adj. 值得的，配得上的；1. She proved herself worthy of the promotion with her hard work and dedication. 她通过努力工作和奉献证明自己配得上晋升。2. The organization recognized his worthy contributions to the community. 该组织认可他对社区的有价值贡献。
stitching n. 缝合，缝线；1. The stitching on this dress is beautifully done. 这件连衣裙的缝线做得很漂亮。2. She carefully inspected the stitching on the garment for any imperfections. 她仔细检查了衣物上的缝线，看是否有任何瑕疵。
booming adj. 蓬勃发展的，兴旺的；1. The economy of the city is booming, attracting new businesses and investments. 该城市的经济正在蓬勃发展，吸引了新的企业和投资。2. The booming real estate market has led to rising property prices. 蓬勃发展的房地产市场导致房价上涨。
goodies n. 好东西，礼品；1. She brought a bag of goodies to share with her friends. 她带来一袋好东西与朋友们分享。
LVMH abbr. 路易威登（法国知名奢侈品集团，Louis Vuitton Moet Hennessy）；
among prep. 在…之中，在…之间；1. Among the many options, she chose the red dress. 在众多选择中，她选择了红色的连衣裙。
bauble n. 小玩意；美观而无价值的饰物；1. She loves collecting baubles and displaying them on her shelves. 她喜欢收集小装饰物，并将它们陈列在书架上。
surge n. 激增，剧增；1. There was a surge in demand for the product after the advertising campaign. 广告活动之后，对该产品的需求激增。
rake in 大量获得，赚取；1. The company raked in record profits this quarter. 该公司本季度获得了创纪录的利润。2. rake v. （用耙子）耙，耙平；（树枝或手指甲）刮擦，抓；扫视，扫射；（用手）搜寻；
He raked the leaves into a pile and bagged them. 他用耙子把树叶耙成一堆，然后装进袋子里。
参考译文
等待的部分原因是供应有限，爱马仕以其精确的管理方式来控制供应。但另一个原因是对各种奢侈品的需求蓬勃增长。去年，卡林集团（拥有Gucci和Balenciaga等时尚品牌）的净利润增长了14%。路易威登（拥有Tiffany和路易威登等品牌）的净利润增长了近四分之一。爱马仕和开云集团（拥有卡地亚等珠宝品牌）的净利润都增长超过三分之一。这四个集团总共实现了超过330亿欧元（约合350亿美元）的利润，总收入约为1300亿美元。
段三
That, though, was before persistent inflation and rising interest rates to combat it fanned fears of a global recession. Now, as those fears intensify, luxury brands are losing their shine, at least in the eyes of investors. Luxury bosses’ unease expressed at an industry pow-wow on May 22nd provoked a sell-off that wiped $65bn, or 7%, from the four luxury groups’ collective market value. Once shareholders stop quaking in their Louboutins, they may pay closer attention to two things in order to assess their luxury stocks’ prospects.
persistent adj. 持续的，坚持不懈的；1. Despite the challenges, she remained persistent in pursuing her dreams. 尽管面临挑战，她仍坚持追求自己的梦想。2. The persistent rain forced them to cancel the outdoor event. 持续的雨使他们不得不取消户外活动。
inflation n. 通货膨胀；1. High inflation can negatively impact the economy. 高通货膨胀率会对经济产生负面影响。
rising adj. 上升的，增长的；1. The rising cost of living is a concern for many people. 生活成本的上涨是许多人关注的问题。
combat vt. 战斗，对抗；1. The government implemented strategies to combat climate change. 政府采取了应对气候变化的战略。2. They worked together to combat the spread of the virus. 他们共同努力抗击病毒的传播。
fan vt. 煽动，激起；1. His speech fanned the flames of excitement among the audience. 他的演讲激起了观众内心的激动情绪。
recession n. 经济衰退，萧条；1. The country is experiencing a severe recession due to the financial crisis. 由于金融危机，该国正在经历严重的经济衰退。
intensify vi. 加强，强化；1. The sound of thunder intensified as the storm approached. 随着暴风雨的临近，雷声越来越响。
shine n. 光彩，荣耀；1. The diamond's shine caught everyone's attention. 钻石的光彩引起了所有人的注意。
unease n. 不安，担忧；1. He felt unease about the upcoming exam. 他对即将来临的考试感到不安。
pow-wow n. 会议，商讨；1. The team had a pow-wow to discuss the project's progress. 团队举行了一次会议，讨论项目的进展情况。
provoke vt. 激怒，挑衅；1. His offensive comments provoked a strong reaction from the audience. 他的冒犯性言论引起了观众的强烈反应。
wipe vt. 擦拭，抹去；1. She wiped the table with a damp cloth. 她用湿布擦拭桌子。
collective adj. 集体的，共同的；1. The team made a collective decision to proceed with the project. 团队共同决定继续进行该项目。
quake in 颤抖，震颤；1. She quaked in fear as the thunder roared outside. 当雷声轰鸣时，她因恐惧而颤抖。
prospect n. 前景，展望；1. The prospects for economic growth are promising. 经济增长的前景是令人期待的。
参考译文
然而，这是在持续的通胀和为了抑制通胀而上升的利率引发了全球经济衰退的担忧之前。现在，随着这些担忧加剧，奢侈品品牌在投资者眼中失去了光芒。5月22日举行的一场行业高峰会议上，奢侈品牌老板们的不安表达引发了抛售潮，使这四个奢侈品集团的市值总额减少了650亿美元，或7%。一旦股东们停止担心，他们可能会更加关注两个方面，以评估他们的奢侈品股票前景。
精听党每日单词
luxury
/ˈlʌkʃəri/ n. 奢华，华贵；奢侈品；不常有的乐趣，难得的享受；
recession-proof
/rɪˈseʃn pruːf/ adj. 不受经济衰退影响的；抗衰退的；
byword
/ˈbaɪwɜːrd/ n. 代名词；代表；典型；
exclusivity
/ˌekskluːˈsɪvəti/ n. 独特性；排他性；
signature Birkin bag
经典爱马仕包；
glossy
/ˈɡlɑːsi/ adj. 光滑的；有光泽的；
campaign
/kæmˈpeɪn/ n. 活动；运动；
constrained
/kənˈstreɪnd/ adj. 受限的，受约束的；
worthy
/ˈwɜːrði/ adj. 值得的，配得上的；
stitching
/ˈstɪtʃɪŋ/ n. 缝合，缝线；
booming
/ˈbuːmɪŋ/ adj. 蓬勃发展的，兴旺的；
goodies
/ˈɡʊdiz/ n. 好东西，礼品；
LVMH
abbr. 路易威登（法国知名奢侈品集团，Louis Vuitton Moet Hennessy）；
among
/əˈmʌŋ/ prep. 在…之中，在…之间；
bauble
/ˈbɔːb(ə)l/ n. 小玩意；美观而无价值的饰物；
surge
/sɜːrdʒ/ n. 激增，剧增；
rake in
大量获得，赚取；
persistent
/pərˈsɪstənt/ adj. 持续的，坚持不懈的；
inflation
/ɪnˈfleɪʃ(ə)n/ n. 通货膨胀；
rising
/ˈraɪzɪŋ/ adj. 上升的，增长的；
combat
/ˈkɑːmbæt/ vt. 战斗，对抗；
fan
/fæn/ vt. 煽动，激起；
recession
/rɪˈseʃ(ə)n/ n. 经济衰退，萧条；
intensify
/ɪnˈtensɪfaɪ/ vi. 加强，强化；
shine
/ʃaɪn/ n. 光彩，荣耀；
unease
/ʌnˈiːz/ n. 不安，担忧；
pow-wow
/paʊ waʊ/ n. 会议，商讨；
provoke
/prəˈvoʊk/ vt. 激怒，挑衅；
wipe
/waɪp/ vt. 擦拭，抹去；
collective
/kəˈlektɪv/ adj. 集体的，共同的；
quake in
颤抖，震颤；
prospect
/ˈprɑːspekt/ n. 前景，展望；
精听党文化拓展
近年来，针对年轻消费者设计的迷你包袋越来越火。虽然包包的容量小到只能装下身份证或口红，但具有亲和力的“低价”仍然让年轻人为之着迷。过去只能买到一个奢侈品钱包、钥匙扣的价格，现在可以买到一个迷你版经典包型。
包越小，价格越低。如 Dior 、Gucci、Givenchy等奢侈品牌不仅推出迷你包型。还将其划分至缩小版、迷你版、玩具版三类。Saint Laurent的经典款式Sac du Jour手提包正常售价约为人民币1.97万元，但迷你版售价则降到1.4万元，玩具版则仅需9000元左右。
虽然尺寸变小了，但包型仍然是受欢迎的包型，且被冠上“奢侈品”的名号。入门奢侈品宝包包的门槛就此降低，消费者自然纷纷倒向“顶流”。
根据BCG（波士顿咨询公司）2021年调研数据，纵观奢侈品市场消费人群，按年龄可分为四大类：75后7%、80后43%、90后31%、95后19%。由此可见，年轻消费者对于奢侈品的偏好性更强。
贝恩合伙人Claudia D'Arpizio表示，“消费已恢复到疫情前的水平。但它也是一种重生，因为有一个新的消费群体存在，他们更年轻。”
2022年创纪录的增长是在 2021年疫情经济缓和后实现的，尽管原材料和能源价格在不断上涨，但仍然抵挡不住年轻人的热情。贝恩预测，未来五年该行业将扩大到5500亿欧元至5700亿欧元（约合人民币42142亿元）之间。
精听党每日美句
Success is going from failure to failure without losing enthusiasm.
成功就是不断失败，而不丧失热情。