Opinion: 2024’s battle for survival in luxury — five critical tasks for brands ...Middle East

The Future of Luxury is a weekly opinion column. As we near 2024, it’s time to look at the challenges that the luxury industry is facing. Next year will not be business as usual; it will be, for many brands, a year that determines boom or bust. The battle for survival is becoming real. A consensus range of estimates for the growth of the luxury sector for the full year of 2023, including those of Bain & Co. and Équité, indicates a growth between 4.5 and 7 percent. Two aspects are remarkable. First, it’s an expected slowdown from the unprecedented growth rate between 2021 and 2022, which was estimated at around 26 percent, and more in line with the historic sector growth of 6 percent betwee

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Opinion: 2024’s battle for survival in luxury — five critical tasks for brands ...Middle East

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