Luxury Goods Worldwide Market Study goods market to post 0 to 4 percent growth in 2024, in line with a previous forecast released in November pegging revenues at between 365 billion and 385 billion euros.
Amid ongoing global turmoil, with wars ablaze in Ukraine and Gaza, the Bain-Altagamma analysis sets out two scenarios: A positive one driven by a better-than-expected performance of the Chinese market – to be a growth between 4 and 6 percent on 2023. A realistic scenario shows overall growth more severely impacted by a slowdown in mature markets like the U.S., and a slower recovery in China, leading to flat performance to up to 4 percent growth.
European consumer confidence will benefit from announcement of interest rate cuts in June, while Japan saw the yen sink to its lowest level against US dollar in the last 20 years. In addition, growing economic uncertainties dampened the confidence of the middle-class consumer. The U.S. also grappled with consumer confidence as macro-economic pressures mounted.
A generation challenge is also underway. Mired by rising unemployment levels and faced with weakening future outlooks, Generation Z is delaying spending on luxury goods. Meanwhile, Gen X and Baby Boomers continue to enjoy accrued wealth, growing their spend as they capture luxury brands’ attention.are suffering from aspirational slowdown. Eyewear, fragrances and cosmetics are on the rise, as consumer embrace these categories as a form of self-indulgence amid inflation.
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