Reported 8 months ago
A new study by Bain consultancy reveals that global luxury sales of handbags, shoes, and apparel are expected to remain flat in 2024 due to a creativity crisis and price hikes. Brands are focusing on the super-wealthy customers, neglecting the middle class and Gen-Z consumers who previously drove growth. The industry is facing a lack of innovation, with major fashion houses undergoing creative transitions. Steep price increases without significant innovation are leaving customers frustrated, leading to a slowdown in the luxury market after a surge in post-pandemic spending.
Source: YAHOO