1. The surprising reason luxury goods are booming: The psychology of why we buy designer products also eschews typical economic sense, because the motivation to buy is about status. The higher the price, the more status you’re theoretically buying. – Read More on Vox

2. Luxury goods stocks tumble as Deutsche Bank says they’re no longer a slam dunk. Blame the U.S. “Slowing to negative growth year-over-year in the U.S. is a building concern, especially given signs of softening demand from more economically sensitive aspirational consumers.” – Read More on MarketWatch

3. The Long Fight Over “Taco Tuesday.” Both Gregory’s and Taco John’s try to keep Taco Tuesday to themselves. They send cease-and-desist letters to other restaurants. Gregory said his family’s restaurant has sent around 40; Taco John’s said it doesn’t track the number of letters it has sent. – Read More on the WSJ

4. TikTok files lawsuit to block Montana ban. “We are challenging Montana’s unconstitutional TikTok ban to protect our business and the hundreds of thousands of TikTok users in Montana,” a TikTok spokesperson said. – Read More on Yahoo

5. China’s Big-Spending, Picky Youth Are Global Luxury’s Lifeline: While special events for top-tier clients are common in fashion hubs across the world, what set this one apart was the attendees’ youth, with almost all of them born from 1990 onward. – Read More on Bloomberg

6. Meta slapped with record $1.3 billion EU fine over data privacy: Meta has been fined a record-breaking €1.2 billion ($1.3 billion) by European Union regulators for violating EU privacy laws by transferring the personal data of Facebook users to servers in the United States. – Read More on CNN