The luxury sector will change and grow in many ways, different from 2024 this year, according to Bank of America’s recent report forecasting the coming year.
Some luxury players have faced a tough few years, such as Gucci owner Kering, which has seen sales fall amid ebbing demand in China. Meanwhile, competitors like Prada have flourished with more traction than ever. Still others, such as French Birkin maker Hermés, have stayed resilient despite the market signaling a weak appetite for high-end goods.
