The rising inflation and wars in Ukraine and other parts of the world are a serious concern for everyone. Despite that, Bain & Company consultancy shared in the latest report that the luxury market is booming in 2022, and affluent consumers still love to purchase from high-end brands. A study by Italy’s Altagamma association of high-end retailers revealed that last year, the global luxury market grew nearly one-third to 288 billion euros ($198 billion). These figures show that the industry is recovering after a major dip in 2020 due to the pandemic.
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