Analyzing the Luxury and Beauty Sectors: A Cautious Outlook for 2024 and Beyond

The luxury and beauty sectors are currently navigating a challenging landscape, marked by reduced growth forecasts and evolving consumer behaviors, particularly in China. As 2024 progresses, the luxury goods market faces one of its most difficult years, with anticipated growth dropping to just 2.8%. Similarly, the beauty industry is impacted by a slowdown in Chinese economic activity and a shift towards domestic brands. Both sectors are adapting by focusing on strategic markets and innovation in products and marketing, hoping for a gradual recovery starting in 2025.

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