HOT HammerFall Infected Album Hawaiian Shirt . The luxury goods industry is facing a year of transition in 2024, as it grapples with macroeconomic uncertainty and shifting consumer behaviours, according to an annual report by Webranking, one of Italy’s largest media agencies. Despite these challenges, the sector is projected to achieve a compound annual growth rate of 8 percent between 2024 and 2028, driven by technological innovation and enhanced online shopping experiences.China, a key market for luxury brands, is experiencing a slowdown. Major groups like Kering and LVMH reported declines of 19 percent and 10 percent respectively in Asia during Q1 2024. Chinese consumers are becoming more discerning, often opting for single high-end purchases that retain value. This trend is forcing brands to reassess their strategies and reduce dependence on the Chinese market.
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