Nora Kleinewillinghoefer is a partner and North America lead for fashion and luxury in global strategy and management consultancy Kearney's Consumer practice.As we look toward the opportunities and challenges in the luxury retail industry for 2024, it's helpful first to reflect on the pivotal factors contributing to the sector’s performance in 2023.
This trend led to a more challenging second half of the year, resulting in an estimated $390 billion in sales, slightly missing the mark on the year’s more optimistic forecasts. Venturing into 2024, the luxury market faces a unique blend of challenges and opportunities. Political Uncertainty: With the U.S. entering an election year, potential shifts in leadership are causing investment jitters.
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