US$95,000 bespoke perfumes, million-dollar diamonds, cosmetic surgery and lots of vintage wine – the ultra-luxury excesses the world’s wealthiest are splurging on during Covid-19

Oct 12 , 2020

US$950,000 personalised perfumes to million-dollar diamonds; Krigler House perfumes and Argyle Pink Diamonds reported a boast in luxury buyers during the global pandemic. photo: @kriglerofficial, @argylepinkdiamonds_official/ Instagram

Covid-19 hasn’t been hard for everyone; from Swarovski-encrusted vintage wines to nips, tucks and blinging engagement rings, the luxury sector has seen a huge boost as those with fortunes splash out on goods instead of holidaying on a private yacht or remote sun-kissed island

During lockdown, many wealthy Americans saw little impact on their incomes – while the very richest have added billions to their bank balances. At the same time, their outgoings cratered: galas and charity events were cancelled and holidays nixed. As a result, while the rest of the world has suffered some high-end industries – think perfumes, fine wines and jewellery – have enjoyed a huge boost.

Ben Krigler perfumes are selling like hot cakes during the pandemic, according to the perfumer. Photo: @kriglerofficial/Instagram

Perfumer Ben Krigler had a deadline to meet. He’d spent the last few months working on a bespoke fragrance for a client. The US$95,000 project was intended to be the ultimate custom anniversary gift for the client’s wife.

There was only one problem: the couple was currently on their yacht, moored off Monte Carlo, but leaving for the waters near Formentera by the end of day. Would the package containing the crystal bottle of liquid engraved with his wife’s initials make it to the dock in time? Krigler managed to ensure it did and the couple cast off, package in hand, to continue their trip around the Med. These weren’t full-time sailors, though, but rather wealthy one-percenters who had taken refuge on the vessel as a result of Covid-19.

“My client said he was spending the entire summer on the yacht because of the pandemic,” Krigler said. “He and his wife are living on the ocean these days, and they don’t go out. But he was telling me how much money he was spending while he was stuck on the yacht: all the caviar, the champagne.” And, of course, the fragrance.

Certain luxury sectors are currently soaring

Call it the Corona Bonus. During lockdown, many wealthy Americans saw little impact on their incomes; if their earnings did drop, they were among the least impacted of any group – the widespread economic woes of many did not touch their lives.

Take the Texas-based couple who commissioned Krigler to create complementary, his-and-hers fragrances inspired by a dream European trip they were forced to abort in the wake of the pandemic.