News Pricer.lt

Prekybos naujienos

Why luxury brands need to reinvent themselves in a declining market

Why luxury brands need to reinvent themselves in a declining market

After a record year, the luxury goods market is stagnating: the Chinese market is under pressure and Generation Z is putting off luxury spending. Brands face a dilemma: keep serving top customers or reach new audiences. Five trends are emerging.

1. Experiences over goods

The global luxury market exceeded a record 1.5 trillion euros in 2023. That growth was partly due to a resurgence in the luxury travel market. But the first quarter of 2024 saw a slowdown under macroeconomic pressure in most regions. The personal luxury goods market experienced a slight decline of an estimated one to three per cent, although there are wide variations between brands and regions.

From now on, you will find our Plus content exclusively in the new RetailDetail Connect&Learn app or web environment. Click the button below to continue reading the article there.

News source

Dalintis:
0 0 balsai
Straipsnio vertinimas
guest
0 Komentarai
Inline Feedbacks
Rodyti visus komentarus

Taip pat skaitykite: