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Luxury has a pricing problem. Products at major luxury brands cost an average of 54 percent more than they did in 2019, according to HSBC. And with luxury sales expected to fall 2 percent this year, down sharply from 11-13 percent growth in 2023 (according to consultancy Bain,) many analysts, executives and clients see steep price increases as a key contributor to the sector’s downturn.
As wage growth and inflation slow, the potential for customers to “grow into” higher prices in 2025…
