2024 market outlook: Where is China’s luxury industry headed? ...Middle East

2023 has been a challenging year for luxury, to say the least. Soaring interest rates and inflation have cast a shadow over luxury spending in Western markets. Concurrently, China, the world’s second-largest luxury market, has been grappling with a series of economic challenges throughout the year, ranging from deflationary pressures and an unstable real estate market to other systemic issues that have impeded the country’s eagerly awaited post-COVID economic rebound. Adding to the complexity, the persistent conflict in the Middle East continues to contribute to the erosion of consumer confidence. These factors have created an overall less favorable backdrop for consumption, particularly lu

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2024 market outlook: Where is China’s luxury industry headed? ...Middle East

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