Millennial Money: Are luxury investments a good idea in this economy?

ELIZABETH AYOOLA of NerdWallet

When inflation is high, people usually reduce their spending.  In some cases, investors may turn to luxury goods, viewing them as investments that can hedge against inflation. The demand for luxury goods remains strong, and consumers may be considering luxury purchases for the long-term benefits. Before making that investment, they should consider whether they have financial basics in place. In addition, consumers should do their research and focus on goods that are likely to appreciate in value. Calculating potential returns and deciding whether their money may be better off in the stock market is another important step to take.