Luxury Market Growth Slows as Economic Uncertainty Causes Consumers to Hit Pause
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Luxury market growth exploded from 2019-2023 but slowed dramatically in 2023 as consumers hit the pause button amid economic uncertainty.
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Headwinds like recession and pullbacks in key markets like China and the U.S. are mounting.
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The luxury market has been resilient yet volatile since 2000, challenging the myth of steady growth.
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Insiders say keeping aspirational consumers engaged and maintaining quality and value are key challenges.
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Brands need to double down on quality, service, transparency and digital innovation to nurture consumer trust and find opportunities amidst the turbulence.