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Despite the economic uncertainty facing consumers, the luxury industry remains incredibly resilient. In China, which has faced ongoing challenges with lockdowns and travel restrictions, two-thirds (66 per cent) of luxury consumers say they won’t be spending less on luxury if prices increase. The US follows closely behind, indicating that this is not just felt by emerging markets where the demand for luxury is not always matched by supply. What’s more, our luxury consumer sentiment survey indicates a reversal of the fragmented brand awareness that we saw in the Winter 2022/23 edition of the Index. Now, awareness has bounced back, with the average score (combining both aided and unaided awareness) at its highest level since winter 2021.
