Sales of personal luxury goods are set to fall 2% this year, making it one of the weakest on record, with price hikes and economic uncertainty shrinking the industry's customer base, according to consultancy Bain & Company.
In its closely-watched report on the â¬363 billion ($386 billion) market, Bain estimated a 20-22% sales drop in China, which has turned into a drag after a years-long boom before the pandemic fueled by the wealthy and growing middle class.
The forecasts include the effect of currency moves.
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