Luxury goods are Europe’s global tax on vanity

Europe’s economy may be as flaccid as a damp baguette, but you wouldn’t know it if you were window-shopping in the posher arrondissements of Paris. Say you are looking for a bone-shaped leather trunk designed to carry two bowls to dispense dog food, admittedly one of life’s lesser essentials. Louis Vuitton happens to have just the thing, yours for a mere €15,000 ($17,700). Those on a tighter budget might opt for a Hermès rocking horse, probably no more necessary but a far sight cheaper at just €4,600. Feeling a bit broke? Settle for Christian Dior flip-flops, a snip at just €410—each.