2024-12-24
9 分钟The Economist. Hello, Mike Bird here, co-host of Money Talks,
our weekly podcast on markets, the economy and business.
Welcome to Editor's Picks.
We've chosen an article from the latest edition of The Economist,
which we very much hope you'll enjoy.
There will be fewer designer handbags and high heels under Christmas trees this year.
Spending on personal luxury goods is set to fall by 2% in 2024,
according to Bain, a consultancy.
Sales of fashion and leather items at LVMH,
the world's biggest luxury conglomerate, have tumbled.
Kering, which owns Gucci, has issued a string of profit warnings.
Anyone who receives Versace goodies from Santa may feel a little less flattered than usual.
The luxury brand is selling 40% of its products at a discount.
These travails follow an extraordinary rise for the luxury industry.
For two decades, it expanded smartly as brands reached new customers.
In 2023, global sales of personal luxury goods hit $400 billion.
up from a little over $100 billion in 2000, according to Bain.
The combined market capitalisation of the 10 most valuable Western luxury firms approached $1 trillion,
compared with around $300 billion in 2013.
Over the past 12 months, however,