5 Reasons Why The Luxury Market Declined In 2024 And Won't Recover Next Year [Forbes]
HSBC Holdings, plc. (HSBC)
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Source: Forbes
Retailers are moving out of the luxury shopping district which has been hit hard by a drop in traffic from the pandemic and a rash of robberies and retail thefts. (Photo by Scott Olson/Getty Images) Getty Images For the first time since 2008, excluding the 2020 Covid year, the personal luxury goods market declined, dropping 2% from an historic high of $387 billion (€369 billion) in 2023 to $381 billion (€363 billion) at current exchange rates, according to the Fall 2024 Bain-Altagamma Luxury Goods World Wide Market Study After this year's shortfall, Bain said that the luxury market “can still return to solid growth,” emphasizing the industry's “long-term solid fundamentals.” However, some – even many – luxury brands may have undermined their fundamentals during the post-pandemic boom when the luxury goods market grew a whopping 30%, from $298 billion (€284 billion) in 2019. Headwinds To Continue Predicting that the luxury market may range from flat to rising 4% in 2025, Ba
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