Luxury Brands Face A Richcession

A potential “richcession” looms as the luxury market faces a spending slowdown driven by affluent consumers cutting back on nonessential purchases. Luxury brands experienced slowed or declined sales in the last quarter, with a PwC Global Consumer Insights Pulse Survey finding that 53% of consumers plan to reduce spending on luxury and premium items. Check out this informative article from Forbes discussing what luxury brands must do to weather these stormy economic conditions and maintain a strong foothold in the market.