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High-end brands are grappling with a slowdown in demand in the US and China, the two largest markets for personal luxury goods. Amid challenging conditions, luxury brands and retailers will have to double down on fostering creativity and connecting with their customers wherever they are.
Key Question: What is the sales outlook for personal luxury goods worldwide and in key markets through 2028?
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Key Stat: Worldwide sales of personal luxury goods will grow by just 3.2% in 2024 to reach $429.15 billion, weighed down by slower growth in the US and China.
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