Luxury Brands Warned About Post-COVID “Normalisation Of Consumption” - Skywire London
There has been no shortage of evidence lately of the nearly three-year “time of plenty” for luxury brands having firmly come to an end. While 2023 proved a record year for the personal high-end goods market, when it exceeded €1.5 trillion, the leading management consulting firm Bain & Company recently revealed there had been a 1% to 3% decline on a year-over-year basis.
This situation can be blamed on various disruptions – not least the impacts of ongoing wars around the globe, as well as a generally volatile economic picture, but also changing expectations among consumers.