Luxury brands lower prices to win back middle-class customers, who account for over half of global luxury purchases.

Luxury brands face the challenge of winning back middle-class customers, who collectively account for over half of global luxury purchases according to Boston Consulting Group. As the luxury industry focused on attracting ultra-wealthy shoppers, it neglected its middle-class base. Brands such as Burberry and Yves Saint Laurent are now lowering prices to regain the support of these crucial customers.

July 21, 2024
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