Alarm bells are ringing across the high-end sector. 2024 did not end as luxury brands had hoped, and the figures published by the sector’s main conglomerates painted a picture of slowdown and some signs of exhaustion during the last quarter of 2024.
The weakening Asian market is one obvious cause, but consumers’ unusual reactions to sharp price rises has also been striking. Aspiration and distinction – which were part of luxury brands’ DNA until recently – are taking on new dimensions thanks to phenomena such as ultra-fast fashion and “dupe” culture (low-cost products that are inspired by or imitate luxury goods).
