- In 2022 the category nearly recovered to pre-pandemic levels, but the outlook remains dampened by inflation and the cost of living affecting consumption patterns.
- Many luxury brands have boycotted Russia as a result of its invasion of Ukraine; much-reduced sales in the country, along with a reduction in Russian tourism abroad, will impact the global luxury market.
- Luxury companies are listening to consumers’ wants in the current economic climate, and are reflecting the need for functionality, craftsmanship and quality in their messaging.
- Supply chain resilience remains crucial to competitiveness, and brands are increasingly automating and localising production; similarly, brands are...
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