HSBC issues a warning to the luxury goods sector, revising downwards its growth forecasts for 2023. In a recently published sector note, the bank highlights weaker-than-expected holiday demand for luxury goods. This revision is accompanied by significant adjustments to price targets for iconic brands.
In a sector note published on Tuesday January 16, HSBC highlights the current challenges facing the luxury goods sector, offering a critical perspective on consumer trends and the adjustments needed to maintain sustained growth.
According to the bank, “demand for luxury goods was probably weaker than expected during the holiday season in Europe and the United States, which was not necessarily offset by improved sales figures in China in the fourth quarter compared with the third quarter of 2023.”
HSBC points out in its note that “rising prices are likely to be an issue for consumers in mature markets”.
Rising prices in the world of luxury
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Featured photo : ©Moncler
