Luxury Goods Sales Drop, Shoppers Seek Value

Global luxury goods sales projected to decline for the second consecutive year due to wealthy shoppers resistance to price hikes and global uncertainties. High-end clothing, shoes, and handbags sales expected to drop by 2% in 2024, marking the first two-year slowdown since the 2008-2009 financial crisis. Consumers opting for more affordable brands, seeking better value and ethical pricing. Bain forecasts a 3-5% rebound in 2025, assuming US growth and Chinas recovery.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.