Luxury sales are flattening amid a self-inflicted creativity crisis and price hikes, study finds

By COLLEEN BARRY
AP Business Writer

MILAN (AP) — The post-pandemic surge in global sales of luxury handbags, shoes and apparel is on pace  to stall this year amid a creativity crisis and price hikes focused on the biggest spending customers. The Bain consultancy released a new study in Milan on Tuesday forecasting flat worldwide luxury sales in 2024 following a slight first-quarter dip. The market is being seized by political uncertainty during a presidential election year in the United States as well as economic uncertainty in China that has brought on a phenomenon of “luxury shaming.” But Bain partner Claudia D’Arpizio said some of the slowdown is “self-inflicted.”