"Overall, especially at the aspirational level, some customers just can't afford to spend the way they have been the last few years due to the inflationary pressures on housing and groceries," Claire Tassin, a retail and e-commerce analyst at Morning Consult, told Business Insider.
"Brands that offer accessible luxury or affordable fashion are seeing success as consumers adjust their spending habits," Federica Levato, senior partner at Bain & Company, told BI over email. " The ability to offer desirable products at various price points allows these brands to capture a broader audience, particularly in times of economic uncertainty."
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