Tariff threats, wars will slow but not collapse global luxury sales in 2025, new study shows
MILAN — Global sales of personal luxury goods are 'slowing down but not collapsing,' according to a Bain & Co. consultancy study released Thursday.
Personal luxury goods sales that eroded to 364 billion euros ($419 billion) in 2024 are projected to slide by another 2% to 5% this year , the study said, citing threats of U.S. tariffs and geopolitical tensions triggering economic slowdowns.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
30 minutes ago
- Bloomberg
Lotus Plans to Keep Making Cars in UK After Plant Closure Report
Automaker Lotus said it has no plans to end production in the UK following an earlier report that it will shut its plant in the country. 'We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market,' the company said in a statement. 'Lotus Cars is continuing normal operations, and there are no plans to close the factory.'
Yahoo
an hour ago
- Yahoo
EuroCommerce urges action against unfair competition from non-EU traders
European retail and wholesale association EuroCommerce has called for urgent measures to enhance the competitiveness and resilience of the industry by addressing unfair competition from third-country platforms and traders. In a meeting with European Commission (EC) executive vice-president Stéphane Séjourné, the group highlighted the need for a level playing field against non-EU competitors. EuroCommerce director general Christel Delberghe raised concerns that businesses within the EU are at a competitive disadvantage. She pointed out that their non-EU rivals frequently disregard the standards and regulations enforced by the European Union. Delberghe said: "We need stronger enforcement, a swift customs and Consumer Protection Cooperation (CPC) regulation reform, and an EU-wide framework for coordination." EuroCommerce president Juan Manuel Morales underscored the sector's importance, citing 26 million direct jobs and five million businesses, mostly small and medium-sized enterprises, as crucial to the daily needs of consumers and businesses. "We are transforming rapidly," Morales said, "but we face mounting challenges - from geopolitical tensions and tariff wars to a flood of parcels containing noncompliant products undermining fair competition." The association praised the Single Market Strategy but called for swifter action in removing regulatory barriers and addressing issues such as territorial supply constraints and national price controls that skew competition. It also advocated for stronger enforcement against infringements that compromise the Single Market and potentially prompt other member states to adopt similar restrictive measures. The association said: 'We ask the EU Commission and member states to take decisive action to make Territorial Supply Constraints history, by making better use of competition enforcement measures and declaring as not acceptable practices that artificially segment the Single Market and prevent the circulation of products across borders.' EuroCommerce said it supports the EC's 'renewed focus on competitiveness and investment' and called for greater acknowledgment of the sector's diversity and specific requirements. The organisation is pushing for regulatory simplification and solutions to tackle market fragmentation, which hinders investment. In conclusion, EuroCommerce conveyed a readiness to back the EU's economic and green goals, emphasising the necessity for smarter regulation, a functional Single Market, and robust enforcement. "EuroCommerce urges action against unfair competition from non-EU traders" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
an hour ago
- Yahoo
I'm a Financial Expert: 5 Reasons It Might Be Smart To Take Out a Personal Loan in Today's Economy
These days, keeping your finances on track can feel like a constant juggling act. With rising costs, fluctuating interest rates and the unpredictability of the job market, it's no surprise that people are exploring personal loans as a practical option. Check Out: Read Next: While borrowing money isn't something to take lightly, under the right circumstances, a personal loan can offer stability, flexibility and even long-term savings. GOBankingRates spoke with Andrew Lokenauth, money expert and owner of Fluent in Finance, to discuss some reasons taking out a personal loan might make sense in today's economy. From his experience as a financial advisor, Lokenauth has noticed several compelling reasons personal loans are becoming a smart move in today's economic climate. One of the biggest perks? Interest rates on personal loans tend to be lower than those of credit cards. Per LendingTree, interest rates for personal loans in June 2025 start at just 6.49%, while the average credit card APR, LendingTree reported, is 24.33%. However, the rate for a personal loan will depend upon some factors, like your credit score. Learn More: Debt consolidation is probably the most strategic use of personal loans right now. According to LendingTree, 48.7% or borrowers take out a personal loan in order to consolidate their debt or refinance credit cards. Lokenauth has helped clients combine multiple high-interest debts into a single, lower-interest payment. 'One of my clients saved about $300 monthly just by consolidating their credit card debt into a personal loan with a 10% rate,' he said. Fixed interest rates are another huge benefit in this uncertain economy. With inflation still running hot, locking in a fixed rate means your payments won't increase. According to Lokenauth, that predictability is super valuable when everything else seems to be getting more expensive. There are, however, some variable rate personal loans out there, which come with 'additional risks,' per So be sure to know what type of loan you're getting before you commit. 'Home improvements can be a smart use of personal loans right now,' Lokenauth said. Property values are still relatively high in most areas, so strategic renovations could boost your home's value. Lokenauth typically suggests focusing on kitchens and bathrooms, as they tend to give the best return on investment (usually around 70% to 80% of project costs). Using personal loans for business expansion or side hustles could make a lot of sense too. With recession fears looming, having multiple income streams is crucial, per Lokenauth. 'The key is making sure the potential return significantly exceeds the loan cost. I aim for at least a 2x return on any borrowed money used for business purposes,' he said. Lokenauth was quick to point out that your credit score matters more than ever. 'I've seen rates vary by 5-7 percentage points based on credit scores. Getting your score above 720 can save you thousands in interest over the loan term,' he said. That said, try to shop around extensively. Keep in mind that different lenders have wildly different rates and terms right now. 'I always tell my clients to get at least 5 quotes — the rate differences can be shocking. Online lenders often offer better rates than traditional banks,' Lokenauth said. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 10 Cars That Outlast the Average Vehicle 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on I'm a Financial Expert: 5 Reasons It Might Be Smart To Take Out a Personal Loan in Today's Economy Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
