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It expects the global growth rate of the luxury industry to be just 1-3% between 2024 and 2027, with China and Europe, once the centers of luxury spending, contributing less to that expansion.
The slowdown hit the Chinese market particularly hard, with weakened consumer confidence causing less domestic spending throughout the year. Once a driving force behind global luxury growth, China ...
One look at Hermès’ 2024 results will make you wonder if it operates in a different sector. The Birkin maker has had a market-defying growth stream at a time when many of its luxury peers were ...
The United States is the second-largest luxury market, following Europe, worth about 100 billion euros ($106 billion), or nearly one-third of all global high-end sales of apparel, leather goods ...
In 2012, China surpassed Japan as the world's largest luxury market. [2] According to a report by McKinsey in 2019, Chinese consumers are the engine of worldwide growth in luxury spending [3] According to a report by Bain in 2021, China's luxury spending is expected to reach more than half the global market value of luxury goods by 2025. [4]
Just a few years ago, China was the darling of luxe spending; from 2017 to 2021, the luxury market in the country tripled in size. Shoppers were obsessed with conspicuous consumption, and China ...
The word "luxury" derives from the Latin verb luxor meaning to overextend or strain. From this, the noun luxuria and verb luxurio developed, "indicating immoderate growth, swelling, ... in persons and animals, willful or unruly behavior, disregard for moral restraints, and licensciousness", and the term has had negative connotations for most of its long history. [2]
This is among the topics analyzed by the 20th edition of the “Luxury Goods Worldwide Market Study” conducted by consulting firm Bain & Company in collaboration with Italian luxury goods ...