Luxury Brands Lose 50 Million Customers Amid Broken Promises

• Luxury market slowdown sees 50 million consumers stop buying designer goods, according to Bain & Company's annual luxury report.
• Brands accused of breaking promises to consumers, with high price increases not matched by innovation or quality.
• Luxury sector expected to drop by 2% over 2024, but recovery predicted for late 2025.

Source: Fortune