"This could be a nightmare if implemented," Claudia D'Arpizio said, referring to potential tariffs on imports which could make European luxury brands prohibitively expensive in an already costly market.
The study forecasts a 2% drop in luxury goods sales next year, attributed to steep price hikes and ongoing global instability affecting consumer confidence.
Despite the anticipated decline, the luxury market is expected to remain 28% larger than 2019 levels, benefiting from a post-pandemic rebound and pent-up demand.
D'Arpizio noted that the impact of tariffs will depend on their implementation, suggesting that the U.S. market's unique position may mitigate some negatives for European brands.
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