China's luxury market growth slows due to economic uncertainty and caution among wealthy consumers.
China's wealthiest individuals are opting for more discreet fashion choices, as reported by Bain consultancy. Global luxury market sales are predicted to be between flat and 4% higher year-on-year at constant rates, marking the weakest growth since the pandemic's peak. The slowdown is most prominent in China due to economic uncertainty affecting middle-class consumers and causing caution among those who can still afford luxury items.
June 18, 2024
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