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奢侈品行業(yè)經(jīng)歷寒冬,但奢侈性體驗正迎來春天

PRARTHANA PRAKASH
2024-01-05

全球大環(huán)境不景氣,奢侈品行業(yè)也在“過冬”,但這遠非所謂的“行業(yè)末日”。

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圖片來源:JAKUB PORZYCKI/NURPHOTO VIA GETTY IMAGES

人們曾經(jīng)一度以為奢侈品行業(yè)對經(jīng)濟下行免疫,但現(xiàn)在看來,奢侈品身上的光環(huán)似乎也正在消退。在新冠疫情期間,由于富人階層并不在意物價的上漲,因此各種名包、名表的銷量不減反增。但是近來奢侈品的熱度卻有了退燒的跡象。

以中國為例,在疫情防控措施放開后,2023年中國的奢侈品銷量一度出現(xiàn)報復(fù)性上漲,但這波漲勢并沒有維持下去。中國經(jīng)濟增長放緩和全球不確定性因素的增加導(dǎo)致了奢侈品市場消費出現(xiàn)了下滑。奢侈品市場研究專家、貝恩公司的克勞迪婭·達皮奇奧指出,雖然在疫情防控放松后,奢侈品市場起初表現(xiàn)強勁,但由于地緣政治變化和消費者信心低迷等因素,目前的奢侈品市場仍然面臨著一些挑戰(zhàn)。

奢侈品市場已經(jīng)讓一些行業(yè)巨擎感受到了一絲寒意,比如迪奧和LV的控股公司路威酩軒(LVMH),其三季度的收入增長較上年同期有所放緩。古馳(Gucci)的控股方開云集團(Kering)和博柏利(Burberry)等奢侈品巨頭的境遇也是大同小異。瑞士奢侈品公司歷峰集團(Richemont)上半年的銷售額雖然增長了6%,但也仍然低于此前的預(yù)期,勞力士和百達翡麗等品牌的二級市場價格也遭受了一定沖擊。

雖然行業(yè)里也出現(xiàn)了像愛馬仕(Hermès)這樣的異類,憑借第三季度的強勢銷量頂住了行業(yè)的下行壓力,但毫無疑問,面臨種種不確定因素,整個奢侈品行業(yè)都感受到了“過冬”的壓力。

雖然行業(yè)整體迎來了降溫,但像豪華游艇這樣的小眾市場卻仍在強勢增長,以不變匯率計算,這個市場的年增長率達到了116%。

以上種種矛盾現(xiàn)象充分說明了當前奢侈品市場格局的復(fù)雜性,也讓我們不禁好奇下一步的市場走向?qū)⑼翁幦ァD敲矗蝗说氖澜绲降装l(fā)生了什么,導(dǎo)致奢侈品市場出現(xiàn)了這樣的變化呢?

疫情繁榮與疫后調(diào)整

新冠疫情一定程度上刺激了奢侈品市場的繁榮。各種刺激政策和紓困款項一定程度上提升了消費者的購買力,但由于疫情防控和旅行禁令等原因,消費者又比往常少了很多消費渠道,因此很多人這時就開始購買名酒、名包等奢侈品來發(fā)泄購買欲。

“疫情期間,人們都待在家里,特別是白領(lǐng)人群,這樣就導(dǎo)致大量的過剩儲蓄和購買力被釋放在了奢侈品市場上。”Tema ETFs的奢侈品投資組合經(jīng)理哈維爾·岡薩雷斯·拉斯特拉指出。

來自德勤會計師事務(wù)所的數(shù)據(jù)也顯示,全球前100強奢侈品公司2022財年的收入規(guī)模和利潤都超過了往年。

拉斯特拉表示,隨著通脹率上漲和美國啟動加息,消費者開始捂緊錢包,在花錢的問題上也更加謹慎了。

疫情期間人們的消費熱為奢侈品公司創(chuàng)造了利潤奇跡,但這種現(xiàn)象不可能成為一種“新常態(tài)”。因此,我們今天看到的奢侈品市場的遇冷,實際上是市場正在逐步回歸疫情前的常態(tài)。

談到奢侈品行業(yè)前兩年的高速增長,瑞士蘇黎世的資產(chǎn)管理公司GAM的投資經(jīng)理弗拉維奧·塞雷達表示:“從根本上說,這種高增長是不可持續(xù)的,也不應(yīng)該持續(xù)。我們2023年看到的增長減速其實是一個回歸正常的過程。之所以現(xiàn)在的局面看起來很糟糕,是因為它之前增長到了一個非常高的水平。”

有奢侈品公司的高管指出,目前奢侈品行業(yè)整體只是處于一個均值回歸的過程中,而并不是行業(yè)迎來了末日。歷峰集團董事長約翰·魯伯特也在上月發(fā)布的半年財報中指出:“整個行業(yè)的市場增長預(yù)期正處于全面正常化的過程”。

這一點也得到了數(shù)據(jù)的支持。從貝恩公司11月份發(fā)布的行業(yè)報告來看,綜合全球所有奢侈品類別,2023年全球奢侈品消費金額預(yù)計將達到1.5萬億歐元(約合1.62萬億美元)。

據(jù)零售數(shù)據(jù)公司EDITED統(tǒng)計,按不變匯率計算,這個金額比2019年的水平高出約70%。而在此期間,為跟上生產(chǎn)成本的上漲,整個行業(yè)的物價大約上漲了29%。

萬事達(Mastercard)歐洲首席經(jīng)濟學(xué)家納塔利亞·勒赫馬諾娃認為,不同奢侈品牌的市場表現(xiàn),也可能取決于它們的目標消費者類型。

比如與那些超級富豪相比,入門級的奢侈品消費者更容易受到宏觀經(jīng)濟影響,同時他們對奢侈品的價格也更加敏感。

“我們應(yīng)該意識到,奢侈品消費者的范疇是涵蓋了中產(chǎn)人士到億萬富翁的好幾個階層的。前者對價格更加敏感,不管是投行下調(diào)獎金,科技行業(yè)裁員,虛擬貨幣泡沫破裂,還是銀行加息導(dǎo)致他們每月要掏更多的錢來還房貸,這些因素都會導(dǎo)致他們買包、旅游的意愿下降。”勒赫馬諾娃在給《財富》一份電子郵件中寫道。

一種新型奢侈品正悄然流行

另一方面,某些奢侈品領(lǐng)域的支出下降,也表明了在當前的經(jīng)濟環(huán)境下,購物者對一些非必需品的偏好和需求有了顯著變化。

不過,Tema ETFs的投資經(jīng)理拉斯特拉認為,和前幾年相比,消費者現(xiàn)在只是迷上了另一種形式的奢侈品。

“我們現(xiàn)在看到的奢侈品市場增長放緩,主要是因為人們開始選擇在其他方面進行消費。所以這只是一個消費比例的問題,而并不一定是失業(yè)或者加息導(dǎo)致的。”拉斯特拉說。

貝恩公司進一步指出,人們現(xiàn)在開始更注重奢侈性體驗的消費,而不是購買奢侈品。

達皮奇奧是貝恩公司11月份奢侈品市場報告的作者之一,她指出,疫情經(jīng)濟復(fù)蘇,尤其是旅游業(yè)的復(fù)蘇,使得2023年有更多人選擇消費奢侈性體驗,而且這一趨勢預(yù)計也會持續(xù)到2024年。

“我們觀察到,出于對社交生活和旅游的渴望,相比于奢侈性商品,2023年消費者對奢侈性體驗的需求顯著上升。人們的體驗性消費正在回升至歷史高位,大家對奢侈品的關(guān)注已經(jīng)不僅僅局限于一件精美的物品。”

隨著旅游人數(shù)的增加,這可能意味著旅游、酒店和郵輪等類別的消費增長。

貝恩公司認為,伴隨著旅游業(yè)的增長,奢侈品消費也有可能從中受益,但增長幅度可能要相對小一些。

其中的某些趨勢已經(jīng)開始反映在企業(yè)的收益上了。比如歐洲最大的酒店集團雅高集團(Accor)的訂房量激增,因此2023年已經(jīng)兩度上調(diào)了年度利潤目標。在歐洲各地擁有多家酒店的英國Rocco Forte酒店集團的收入也出現(xiàn)了顯著增長。

“自2010年以來,體驗性消費的價值已經(jīng)翻了一番以上。”達皮奇奧表示:“這種‘新常態(tài)’意味著奢侈品細分市場的界限正變得愈發(fā)模糊,各大品牌有機會將觸角延伸到核心業(yè)務(wù)以外。”

2024年展望

盡管種種跡象表明,奢侈品市場已經(jīng)走到了一個十字路口,但有一點是很明顯的,2024年,行業(yè)還將延續(xù)2023年的這場大洗牌。

匯豐銀行在11月下旬的一份報告中提醒道,由于奢侈品市場與消費者信心、旅游業(yè)和股市等因素密切掛鉤,因此奢侈品市場的動向很可能引發(fā)更廣泛的連鎖反應(yīng)。

匯豐銀行認為,奢侈品市場或?qū)⒂瓉砀鼫睾偷脑鲩L。“這雖然沒有什么好羞愧的,不過漲勢放緩顯然不利于這個板塊的股票。”

德意志銀行也于上周指出,目前,美國、歐洲和中國等主要經(jīng)濟體仍在努力沖出逆境,因此2024年對奢侈品行業(yè)來說,可能仍是充滿挑戰(zhàn)的一年。

不過好的一面是,與其他消費領(lǐng)域相比,奢侈品行業(yè)是一個具有更強韌性的行業(yè)。

拉斯特拉表示:“你這所以想投資這個行業(yè),原因之一就是全球的中上層階級正在崛起,這對所有奢侈品公司都是極大的利好因素。”

譯者:樸成奎

人們曾經(jīng)一度以為奢侈品行業(yè)對經(jīng)濟下行免疫,但現(xiàn)在看來,奢侈品身上的光環(huán)似乎也正在消退。在新冠疫情期間,由于富人階層并不在意物價的上漲,因此各種名包、名表的銷量不減反增。但是近來奢侈品的熱度卻有了退燒的跡象。

以中國為例,在疫情防控措施放開后,2023年中國的奢侈品銷量一度出現(xiàn)報復(fù)性上漲,但這波漲勢并沒有維持下去。中國經(jīng)濟增長放緩和全球不確定性因素的增加導(dǎo)致了奢侈品市場消費出現(xiàn)了下滑。奢侈品市場研究專家、貝恩公司的克勞迪婭·達皮奇奧指出,雖然在疫情防控放松后,奢侈品市場起初表現(xiàn)強勁,但由于地緣政治變化和消費者信心低迷等因素,目前的奢侈品市場仍然面臨著一些挑戰(zhàn)。

奢侈品市場已經(jīng)讓一些行業(yè)巨擎感受到了一絲寒意,比如迪奧和LV的控股公司路威酩軒(LVMH),其三季度的收入增長較上年同期有所放緩。古馳(Gucci)的控股方開云集團(Kering)和博柏利(Burberry)等奢侈品巨頭的境遇也是大同小異。瑞士奢侈品公司歷峰集團(Richemont)上半年的銷售額雖然增長了6%,但也仍然低于此前的預(yù)期,勞力士和百達翡麗等品牌的二級市場價格也遭受了一定沖擊。

雖然行業(yè)里也出現(xiàn)了像愛馬仕(Hermès)這樣的異類,憑借第三季度的強勢銷量頂住了行業(yè)的下行壓力,但毫無疑問,面臨種種不確定因素,整個奢侈品行業(yè)都感受到了“過冬”的壓力。

雖然行業(yè)整體迎來了降溫,但像豪華游艇這樣的小眾市場卻仍在強勢增長,以不變匯率計算,這個市場的年增長率達到了116%。

以上種種矛盾現(xiàn)象充分說明了當前奢侈品市場格局的復(fù)雜性,也讓我們不禁好奇下一步的市場走向?qū)⑼翁幦ァD敲矗蝗说氖澜绲降装l(fā)生了什么,導(dǎo)致奢侈品市場出現(xiàn)了這樣的變化呢?

疫情繁榮與疫后調(diào)整

新冠疫情一定程度上刺激了奢侈品市場的繁榮。各種刺激政策和紓困款項一定程度上提升了消費者的購買力,但由于疫情防控和旅行禁令等原因,消費者又比往常少了很多消費渠道,因此很多人這時就開始購買名酒、名包等奢侈品來發(fā)泄購買欲。

“疫情期間,人們都待在家里,特別是白領(lǐng)人群,這樣就導(dǎo)致大量的過剩儲蓄和購買力被釋放在了奢侈品市場上。”Tema ETFs的奢侈品投資組合經(jīng)理哈維爾·岡薩雷斯·拉斯特拉指出。

來自德勤會計師事務(wù)所的數(shù)據(jù)也顯示,全球前100強奢侈品公司2022財年的收入規(guī)模和利潤都超過了往年。

拉斯特拉表示,隨著通脹率上漲和美國啟動加息,消費者開始捂緊錢包,在花錢的問題上也更加謹慎了。

疫情期間人們的消費熱為奢侈品公司創(chuàng)造了利潤奇跡,但這種現(xiàn)象不可能成為一種“新常態(tài)”。因此,我們今天看到的奢侈品市場的遇冷,實際上是市場正在逐步回歸疫情前的常態(tài)。

談到奢侈品行業(yè)前兩年的高速增長,瑞士蘇黎世的資產(chǎn)管理公司GAM的投資經(jīng)理弗拉維奧·塞雷達表示:“從根本上說,這種高增長是不可持續(xù)的,也不應(yīng)該持續(xù)。我們2023年看到的增長減速其實是一個回歸正常的過程。之所以現(xiàn)在的局面看起來很糟糕,是因為它之前增長到了一個非常高的水平。”

有奢侈品公司的高管指出,目前奢侈品行業(yè)整體只是處于一個均值回歸的過程中,而并不是行業(yè)迎來了末日。歷峰集團董事長約翰·魯伯特也在上月發(fā)布的半年財報中指出:“整個行業(yè)的市場增長預(yù)期正處于全面正常化的過程”。

這一點也得到了數(shù)據(jù)的支持。從貝恩公司11月份發(fā)布的行業(yè)報告來看,綜合全球所有奢侈品類別,2023年全球奢侈品消費金額預(yù)計將達到1.5萬億歐元(約合1.62萬億美元)。

據(jù)零售數(shù)據(jù)公司EDITED統(tǒng)計,按不變匯率計算,這個金額比2019年的水平高出約70%。而在此期間,為跟上生產(chǎn)成本的上漲,整個行業(yè)的物價大約上漲了29%。

萬事達(Mastercard)歐洲首席經(jīng)濟學(xué)家納塔利亞·勒赫馬諾娃認為,不同奢侈品牌的市場表現(xiàn),也可能取決于它們的目標消費者類型。

比如與那些超級富豪相比,入門級的奢侈品消費者更容易受到宏觀經(jīng)濟影響,同時他們對奢侈品的價格也更加敏感。

“我們應(yīng)該意識到,奢侈品消費者的范疇是涵蓋了中產(chǎn)人士到億萬富翁的好幾個階層的。前者對價格更加敏感,不管是投行下調(diào)獎金,科技行業(yè)裁員,虛擬貨幣泡沫破裂,還是銀行加息導(dǎo)致他們每月要掏更多的錢來還房貸,這些因素都會導(dǎo)致他們買包、旅游的意愿下降。”勒赫馬諾娃在給《財富》一份電子郵件中寫道。

一種新型奢侈品正悄然流行

另一方面,某些奢侈品領(lǐng)域的支出下降,也表明了在當前的經(jīng)濟環(huán)境下,購物者對一些非必需品的偏好和需求有了顯著變化。

不過,Tema ETFs的投資經(jīng)理拉斯特拉認為,和前幾年相比,消費者現(xiàn)在只是迷上了另一種形式的奢侈品。

“我們現(xiàn)在看到的奢侈品市場增長放緩,主要是因為人們開始選擇在其他方面進行消費。所以這只是一個消費比例的問題,而并不一定是失業(yè)或者加息導(dǎo)致的。”拉斯特拉說。

貝恩公司進一步指出,人們現(xiàn)在開始更注重奢侈性體驗的消費,而不是購買奢侈品。

達皮奇奧是貝恩公司11月份奢侈品市場報告的作者之一,她指出,疫情經(jīng)濟復(fù)蘇,尤其是旅游業(yè)的復(fù)蘇,使得2023年有更多人選擇消費奢侈性體驗,而且這一趨勢預(yù)計也會持續(xù)到2024年。

“我們觀察到,出于對社交生活和旅游的渴望,相比于奢侈性商品,2023年消費者對奢侈性體驗的需求顯著上升。人們的體驗性消費正在回升至歷史高位,大家對奢侈品的關(guān)注已經(jīng)不僅僅局限于一件精美的物品。”

隨著旅游人數(shù)的增加,這可能意味著旅游、酒店和郵輪等類別的消費增長。

貝恩公司認為,伴隨著旅游業(yè)的增長,奢侈品消費也有可能從中受益,但增長幅度可能要相對小一些。

其中的某些趨勢已經(jīng)開始反映在企業(yè)的收益上了。比如歐洲最大的酒店集團雅高集團(Accor)的訂房量激增,因此2023年已經(jīng)兩度上調(diào)了年度利潤目標。在歐洲各地擁有多家酒店的英國Rocco Forte酒店集團的收入也出現(xiàn)了顯著增長。

“自2010年以來,體驗性消費的價值已經(jīng)翻了一番以上。”達皮奇奧表示:“這種‘新常態(tài)’意味著奢侈品細分市場的界限正變得愈發(fā)模糊,各大品牌有機會將觸角延伸到核心業(yè)務(wù)以外。”

2024年展望

盡管種種跡象表明,奢侈品市場已經(jīng)走到了一個十字路口,但有一點是很明顯的,2024年,行業(yè)還將延續(xù)2023年的這場大洗牌。

匯豐銀行在11月下旬的一份報告中提醒道,由于奢侈品市場與消費者信心、旅游業(yè)和股市等因素密切掛鉤,因此奢侈品市場的動向很可能引發(fā)更廣泛的連鎖反應(yīng)。

匯豐銀行認為,奢侈品市場或?qū)⒂瓉砀鼫睾偷脑鲩L。“這雖然沒有什么好羞愧的,不過漲勢放緩顯然不利于這個板塊的股票。”

德意志銀行也于上周指出,目前,美國、歐洲和中國等主要經(jīng)濟體仍在努力沖出逆境,因此2024年對奢侈品行業(yè)來說,可能仍是充滿挑戰(zhàn)的一年。

不過好的一面是,與其他消費領(lǐng)域相比,奢侈品行業(yè)是一個具有更強韌性的行業(yè)。

拉斯特拉表示:“你這所以想投資這個行業(yè),原因之一就是全球的中上層階級正在崛起,這對所有奢侈品公司都是極大的利好因素。”

譯者:樸成奎

Luxury goods once seemed immune to economic woes, but the luster may be fading. During the pandemic, the luxury market thrived as the affluent—unfazed by price hikes—indulged in Birkin bags and rare watches. Yet signs now point to a slowdown in the “Roaring Twenties” luxury boom.

Take China, for instance, where the post-COVID sales surge early in 2023 didn’t last. The nation’s slower economic rebound and global uncertainties have contributed to a pullback in luxury spending. According to Claudia D’Arpizio of Bain & Co., a leading expert in the field, despite initial resilience, luxury markets face challenges due to geopolitical shifts and subdued consumer confidence.

This turbulence has impacted major players like LVMH, the conglomerate behind Dior and Louis Vuitton. Its Q3 revenue growth slowed compared to the previous year, setting a tone echoed by rivals such as Gucci-owner Kering and Burberry. Richemont’s half-year sales, although up 6%, fell short of expectations, and secondary market prices for Rolex and Patek Philippe have taken a hit.

While some outliers, like Hermès, defy the downturn with strong Q3 sales, the overall luxury sector is navigating uncertainties.

However, niche segments, such as luxury cruises, are thriving with a 116% YoY growth in constant currency terms.

The complexity of the luxury market’s current landscape leaves us questioning the true trajectory amid conflicting reports of gains and spending ease. So what is really unfolding in the world of opulence?

COVID-fueled boom leading to readjustment

The pandemic marked luxury’s heyday. Accumulated savings from stimulus checks and furlough schemes bolstered shoppers’ spending power but left them with fewer avenues to indulge amid travel bans and lockdowns. That’s when many turned to luxury goods as they bought more Champagne and designer bags than they did before.

“You had huge excess savings or purchasing power that was released by the fact that people were staying at home, especially white-collar workers,” said Javier Gonzalez Lastra, luxury-focused portfolio manager at Tema ETFs.

The extent of growth across the luxury category during the pandemic is reflected in Deloitte data, which shows that the top 100 luxury companies became bigger and more profitable than ever in FY 2022.

But then, as interest rates and inflation went up, Lastra says, consumers began to pull purse strings tight and be more watchful of where they spent money.

Monstrous pandemic-era spending did wonders for the profit margins of luxury companies, but it was never meant to be the new normal. If anything, that was the anomaly, and the easing growth we’re seeing today reflects a gradual readjustment in what used to be the standard before COVID-19.

“Fundamentally, it’s not sustainable, nor should it be,” according to Flavio Cereda, investment manager at Zurich-based asset management firm GAM, referring to the high growth rates seen in the luxury segment. “I think what you see this year is this deceleration, which is a process toward normalization. It looks worse than it is because it comes from a very high level.”

Luxury company executives have also pointed out that the seeming downturn is merely a shift back to how things used to be rather than a total doomsday scenario for luxury goods on the whole. Richemont chairman Johann Rupert noted in the company’s half-year earnings release last month that a “broad-based normalization of market growth expectations across the industry” was underway.

Data supports that too. Across all luxury categories globally, luxury industry consumption for 2023 is estimated to be about €1.5 trillion ($1.62 trillion), according to Bain & Co.’s November industry report Long Live Luxury.

That’s roughly 70% higher than 2019 levels in constant currency terms despite an estimated price increase of 29% across the industry for that period to keep up with rising production costs, retail data firm EDITED found.

The performance of different luxury brands can also depend on the type of consumers they target, said Natalia Lechmanova, Mastercard’s chief economist for Europe.

The entry-level “aspirational” consumer might have been more impacted by macroeconomic factors and their effects on his or her wallet, compared to the über-wealthy.

“We need to appreciate that luxury consumers exist on a spectrum from prosperous upper-middle classes to billionaires. The former has become more price sensitive: Investment banks’ bonuses have moderated, the tech sector has shed jobs, the crypto bubble burst, and many well-to-do professionals have had to increasingly prioritize higher interest payments on their mortgages rather than expensive holidays or handbags,” Lechmanova said in an email to Fortune.

A new type of luxury gaining ground

The drop in spending across some segments of luxury reflects the ebb and flow of shoppers’ preferences and appetite for discretionary goods given the current economic environment.

But as Tema ETFs’ Lastra sees it, consumers are merely splurging on a different type of luxury than they did in recent years.

“What we’ve seen in terms of slowdown is mostly driven by the fact that people are now spending on other things,” Lastra said. “So it’s a matter of share of wallet at the moment, more than job losses or necessarily the pinch of interest rates which is having an impact.”

More specifically, the spending is being directed to luxury experiences, Bain & Co. found.

D’Arpizio, who coauthored the November luxury market report, noted that the bounce-back from COVID-19 and the resurgence of travel has seen more people indulge in experiential luxury during 2023—a trend that is expected to continue into next year.

“What we’ve observed in 2023 is a rebalancing of customer appetite toward experiences and experience-based goods over products, with unparalleled sense of urgency for social life and travels across geographies,” D’Arpizio said. “Spending on experiences is recovering historical highs, with consumers reapproaching luxury beyond products.”

This could mean a boost in categories like travel, hospitality, and cruises as tourist flow increases.

As a result of more tourism, luxury goods purchases could also benefit, albeit by less stratospheric degrees, Bain & Co. expects.

Some of these trends are beginning to reflect in company earnings: Europe’s largest hotel group, Accor, raised its annual profit target twice this year as it witnessed booming demand. British group Rocco Forte Hotels, which has properties across Europe, has also seen revenues rise.

“Experiences more than doubled their value since 2010,” D’Arpizio said. “This ‘new normal’ means luxury markets are blurring their boundaries, and brands have the opportunity to extend their reach beyond their core.”

2024 and ahead

With signs pointing in different directions, it’s clear the year ahead for luxury will mark a reshuffle that began in 2023.

HSBC warned in a late November note that as luxury is linked to consumer sentiment, tourism, and equity markets, what happens to it can have broader ripple effects.

The bank foresees a more modest pace of growth which, it says, “is nothing to be ashamed of, but slowing momentum is rarely supportive for stocks in this sector.”

With economies in key regions such as the U.S., Europe, and China still finding their footing, 2024 could continue to be “challenging” for luxury, Deutsche Bank wrote last week.

But on the bright side, the luxury industry is more resilient when compared to some other consumer sectors of the economy.

“One of the reasons you want to be invested in this sector is because there is the rising of the upper-middle class globally, and that’s a fantastic tailwind for all these [luxury] companies,” Lastra said.

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