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US department stores, once pioneers of retail innovation, are at a critical juncture, facing declining sales, eroding customer loyalty, and an urgent need for transformational change, according to a new report by Bain & Company. The report, titled “US Department Stores:…
China’s luxury market experienced a significant decline in 2024, contracting by an estimated 18%–20%, according to Bain & Company’s latest report on the China Luxury Goods Market. This downturn marks a sharp reversal from previous years of growth and reflects a…
Over the past two years, the luxury industry’s customer base has contracted by approximately 50 million consumers, shrinking from 400 million to around 350 million by the end of 2024. Younger shoppers, particularly Generation Z, show declining brand advocacy and…