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Aspirational buyers could save luxury brands from losing more ground

Summary by KESQ

By Auzinea Bacon, CNN (CNN) — A sharp hike in the price of luxury goods in recent years has cost some brands a key group of customers. About 50 million customers were sidelined from the luxury goods market by 2024 as prices climbed roughly 20% since 2021, according to Aaron Cheris, a partner and head of global e-commerce and marketplaces at Bain & Co. The deficit has some luxury brands rethinking ways to lure back “aspirational” luxury consumers…

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Aspirational shoppers could prevent luxury brands from losing further ground

A sharp rise in the price of luxury goods in recent years has cost some brands a key group of customers.

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Aspirational buyers could save luxury brands from losing more ground

Luxury brands hiked up their prices about 20% between 2021 and 2023, steering off middle-income shoppers facing financial pressure.

14 hours ago·Atlanta, United States

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Total News Sources7

Leaning Left1Leaning Right0Center6Last Updated13 minutes agoBias Distribution

86% Center

Bias Distribution

86% of the sources are Center

86% Center

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CNN broke the news in Atlanta, United States 14 hours ago on Saturday, February 22, 2025.

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