3 new global luxury spending markets emerge despite much-documented slowdown

As FashionUnited has reported, Gucci’s sales have tumbled in the first quarter of 2024, falling by 20 percent mostly due to a slowdown in Asia, while Kering’s overall revenue is forecast to be down 10 percent compared to Q1 last year. The group’s other brands, Saint Laurent, Bottega Veneta and Alexander McQueen, have also taken a hit, and after several roaring years, in the last quarter of 2023, the deceleration also caught up with brands such as Burberry and Louis Vuitton. Inflation and cost of living crises have caused consumers in Europe and the US to pull back on their luxury purchases.