Luxury Market Shrinks for 2nd Year, Brands Seek New Strategy

Luxury goods sales are projected to decrease for the second consecutive year, with a two percent drop to €358 billion, marking the first decade-long decline since the global financial crisis. This slowdown is attributed to wealthy consumers seeking better value and feeling alienated by luxury brands focus on ultra-wealthy individuals, leading to price increases and a narrowed customer base. However, a rebound of three to five percent is expected next year, contingent on strong US financial markets and renewed growth in China.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.