Global luxury sales to fall 2% in 2024, among weakest years on record, Bain says [Yahoo! Finance Canada]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance Canada
The forecasts include the effect of currency moves. "This is the first time the personal luxury goods industry has declined since the 2008-09 crisis, with the exception of the pandemic," Bain partner Federica Levato told Reuters. The study released on Wednesday will likely heighten concerns among investors that the sector's current downturn, which has knocked shares in the likes of LVMH and Kering, may be longer and deeper than anticipated. Global sales of luxury personal goods - spanning clothing, accessories and beauty products - are expected to be flat at constant exchange rates during the holiday season, with China's performance still negative, Levato said. A shift by brands to position their products within a higher price band, coupled with weaker consumer confidence amid wars, China's economic woes and elections across the globe, has led many customers, especially younger ones, to forgo purchases. "The luxury consumer base has declined by 50 million over the last two
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