Luxury goods and services in recession periods. Time trends and persistence analysis

The objective of this research paper is to understand and analyze the behavior of the prices of luxury goods and services in the two most important recessive periods that have occurred, which are the financial crisis of 2007 and COVID-19. This analysis was carried out for different purposes in the United States, Europe, China and in the world from January 2005 to July 2023. The results using fractional integration suggest that after the negative shocks caused by financial crisis and COVID-19, respectively, the time series return by themselves to their long-term projections. In the case of United States and Europe, the series will recover themselves faster than for the rest of the areas.