GERMANY: Luxury items go on show at Munich's Millionaires Fair despite current financial crisis

Record ID: 586548

  • Title: GERMANY: Luxury items go on show at Munich's Millionaires Fair despite current financial crisis
  • Date: 20th October 2008
  • Summary: (EU) MUNICH, GERMANY (OCTOBER 17, 2008) (REUTERS) WIDE VIEW OF MUNICH MILLIONAIRE TRADE FAIR CLOSE-UP OF ENTRANCE DEMONSTRATION OF A SEABOB SEABOB PAN FROM VISITORS TO SEABOB CLOSE-UP OF FERRARI SIGN WIDE VIEW OF FERRARI CAR ENGINE PAN FROM VISITOR TAKING PHOTOGRAPH TO WOMAN POSING BESIDE YACHT PEOPLE GETTING INTO YACHT CLOSE-UP OF WOMAN MAN AND WOMAN SITTING IN YACHT GOLD COVERED CIGAR PETER MAI, SALES MANAGER CIGARS COMPANY, TALKING TO VISITORS
  • Embargoed: 4th November 2008 12:00
  • Keywords:
  • Location: Germany
  • Country: Germany
  • Topics: Industry,Light / Amusing / Unusual / Quirky
  • Reuters ID: LVAF1OYF6QCKMKYRFH15WUXVQQYV
  • Story Text: Munich's millionaire's fair opens on the day the German government passes a law to rescue the country's troubled banks.
    As the German government approved a 500 billion euro rescue packet for the country's banks on Friday (October 17), others in the south of the country seemed less worried about their bank balances as the cash was flashed at Munich's Millionaires Fair.
    More than 100 companies showed off their luxury goods in the 16,000 square metre exhibition hall in the Bavarian city. Included in some of the most glitzy and expensive items were luxury coaches, yachts, and a Seabob, a machine used to swim underwater.
    But the fair was marred by criticism that such extravagant and pricey goods should not be exhibited during such difficult financial times.
    One trader, however, said he didn't believe that the negative comments were right and that even now, there is still a market for luxury.

    "I don't accept that we have to work hard to create a product and then have to justify ourselves. On the other hand I also understand that it isn't at all appropriate as the gap has widened, but on the other hand the gap makes luxury visible," said Peter Mai, sales manager for Cigars Company, which is exhibiting cigars hand-rolled in gold at the fair.
    And visitors agreed that even during periods of financial difficulty, luxury goods can still be sold.

    "It is also important as lots of jobs would be lost if there isn't the work. But there are enough rich people who buy these things and are able to therefore support the economy," said visitor Guenther Bauer.
    Although not all of the visitors were there to put their hands in their pockets.

    "It is comfortable. There has to be rich and poor. It is all nice to look at but we don't need it," one woman told Reuters.
    In past years the millionaires fair has taken place in cities such as Amsterdam, Moscow and Shanghai, where pure decadence was the main theme. This year's organisers are expecting around 20,000 visitors.
    Meanwhile, in the German city of Frankfurt, money was also on people's minds, but for a different reason. Even after the adoption of a bill to save the country's banks, traders remained nervous at Germany's stock exchange.
    Despite traders still acting cautiously, the Dax index fluctuated throughout the day, and ended over three percent in the plus at 4781 points.
    Adding to the positive trend was the passing of a bill in the country's parliament to help troubled banks suffering from the current financial crisis.
    The 500 billion euro packet for the German finance industry was passed with a large majority by both the upper and lower houses of parliament on Friday. It is set to come into force on Monday (October 20).
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