A recent report by Bain & Company indicates a significant slowdown in the luxury market, particularly in China. The report predicts that global luxury sales will likely be between flat and 4% higher in 2024. This slowdown is attributed to surging prices of luxury goods, which have turned off some shoppers and may force luxury labels to rethink their strategies. Additionally, China's wealthiest individuals are increasingly avoiding flashy luxury items in favor of more discreet fashion, a trend referred to as 'luxury shaming.' The report also highlights a 'self-inflicted' creativity crisis within the luxury industry, contributing to the flattening of global sales. Brands like Gucci are losing their appeal in China as discounts and outlets erode their brand value. Bain predicts this will be the weakest global luxury market.
The global spike in luxury handbags, shoes, and clothing sales could be coming to an end due in part to China's 'luxury shaming,' study finds https://t.co/0HbS8gbbTL
Gucci loses shine in China as discounts and outlets erode brand https://t.co/7sskdYoiOU
Luxury sales are flattening amid a self-inflicted creativity crisis and price hikes, study finds https://t.co/Osi9CJyewi
Global 2000: China Ranks Thin On Real Estate Glut, Stock Slide https://t.co/VX5wvfNs4T
Global luxury sales flattening amid ‘self-inflicted’ creativity crisis and price hikes, study finds https://t.co/rDxuWx2wCj
China's rich ditch flashy luxury as global sales stall, says Bain Reuters https://t.co/RHDzbz1sGz
China's rich ditch flashy luxury as global sales stall, says Bain https://t.co/lBuUXNO7ma https://t.co/N2EEGWUanM
Surging prices of luxury goods have turned off some shoppers and will likely force labels to rethink, says Bain https://t.co/isuUUNiWZb
⚠️LUXURY SLOWDOWN IS MOST MARKED IN CHINA - BAIN **GLOBAL LUXURY SALES WILL LIKELY BE BETWEEN FLAT AND 4% HIGHER IN 2024 - BAIN REPORT
🔵 CHINA'S RICH DITCH FLASHY LUXURY AS GLOBAL SALES STALL, SAYS BAIN China's richest people are avoiding flaunting their wealth in favour of more discreet fashion, according to a report published on Tuesday by Bain consultancy that predicted the weakest global luxury market… https://t.co/NXr52b1p8D