50 million people have stopped buying luxury brands like Dior and Burberry after ‘broken promises' to customers [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
Now, 50 million luxury consumers have either ditched buying designer bags, scarves, watches, and more—or have been priced out, Bain & Company's new annual luxury report warns. Only a third of luxury brands will end the year with positive growth, Bain posited, down from two-thirds last year. Looking ahead, it said that to stay alive, brands need to reevaluate their value proposition—mainly for Gen Zers—and keep meeting their growing expectations. As for how? Marie Driscoll, an equity analyst focused on luxury retail, told Fortune that reinvention is key. “Get back to books, make products more inspirational, make the shopping experience marvelous,” Driscoll said. “You need to constantly meet consumers at a new angle and surprise and delight them.” “A fabulous ice cream sundae is boring by the time you have it the fifth time,” Driscoll added. On some level, brands have broken their promises to consumers, Driscoll said. “Since 2019, there's been a high price increase across
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