The luxury industry is grappling with a downturn as “underconsumption” trends on TikTok, with younger shoppers adopting thriftier habits. Shares of major luxury brands like Kering and LVMH have plummeted due to declining demand.
Luxury industry facing crisis
Kering’s profits have nosedived, and even LVMH has missed sales targets, affecting its champagne sales. While brands like Hermes thrive, others like Burberry struggle.
Younger generations are drawn to vintage stores over high-end boutiques, signalling a shift in retail. Ecological and labour concerns also plague the industry, as fashion’s rapid turnover and reliance on sweatshop-like conditions raise ethical questions.
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