'This could be a nightmare if implemented, Claudia D'Arpizio, co-author of the study for Italy's Altagamma association of luxury producers, told The Associated Press. 'European brands could end up being super expensive in an already expensive environment.Trump has pledged tariffs of up to 20 percent on imports, saying it would create factory jobs, shrink the federal deficit and lower food prices.
Sales of luxury goods are forecast to drop by 2 percent to 363 billion euros next year, from an expected 369 billion euros in 2024, due to steep price increases imposed by brands and global turmoil, Bain said.The sector made a speedy rebound from the Covid-19 pandemic, surpassing 2019 sales by 2022, largely thanks to pent-up spending that was delayed by lockdowns.