Reported 8 months ago
According to a report from Bain consultancy, China's wealthiest individuals are steering clear of displaying their riches by embracing more modest fashion choices. The global market for luxury goods is predicted to experience its weakest growth since the peak of the pandemic, with sales expected to remain flat or increase by up to 4% at constant rates this year. The slowdown is particularly noticeable in China due to economic uncertainties affecting middle-class consumers and prompting affluent individuals to avoid ostentatious displays of wealth. Luxury brands catering to the top end of the market, like Hermes, may perform better in this market climate. While signs of recovery are seen in the U.S., with growth driven by wealthier clients, less affluent and younger consumers are delaying luxury purchases.
Source: YAHOO