Luxury Fashion Prices Are Out Of Control

Are Miu Miu and Prada's Luxury Prices Justified? Follow me on Twitch: https://www.twitch.tv/fashionroadman My E-Book: https://www.thefashionarchivemag.com/shop Patreon: https://www.patreon.com/fashionroadman Spotify: https://open.spotify.com/show/30khAeSML8vrmhrbCL86Ca Join My Fashion Discord: https://discord.gg/s9JsXq6qrB Website: https://www.thefashionarchivemag.com/ Social Media: https://linktr.ee/fashionroadman Join this channel to get access to perks: https://www.youtube.com/channel/UCVmPyrwjL0wepDhmvgzlOcA/join ___________________ MORE INFO The global personal luxury goods market has lost some 50 million consumers this year and is on track to see its first slowdown since the Great Recession (aside from Covid), according to the latest projections from management consultancy Bain and Italian luxury association Altagamma. By the close of 2024, the market is expected to remain flat year-on-year at constant exchange rates and shrink by 2 per cent at current exchange rates to €363 billion — slightly below Bain’s last forecast in May. The broader global luxury market will remain flat at around €1.5 trillion. China is still a thorn in luxury’s side, down 20 per cent year-on-year on a constant basis. “If we exclude China, the market would have been growing this year,” says report co-author Federica Levato, partner at Bain and leader of the EMEA fashion and luxury practice. Trump’s planned tariffs may negatively impact Chinese consumer demand further, she warns. Bain doesn’t expect the Chinese market to bounce back in any significant way until the second half of 2025. But it’s not just China: the challenging macro environment has spurred a cost of living crisis, which has forced consumers to cut back on discretionary items. There are three reasons for this, says Levato. Firstly, uncertainty among consumers, which is “drawing them back from buying”. Secondly, many luxury brands have pursued an elevation strategy and effectively priced consumers out. Finally, there