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Luxury Spending Decline and AI Management
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Luxury Fashion Industry Analysis
Overview
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Luxury spending in the US declined by 15% year over year, with a 9.6% decrease in luxury fashion purchases. Retailers face excess inventory, impacting department stores and luxury brands. Leading luxury brands maintain control through direct-to-consumer sales, accounting for 52% of the personal luxury goods market in 2023. Luxury fashion houses are using AI to predict sales and manage unsold inventory.
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How does the increasing use of AI in the fashion industry reflect broader technological advancements?
How might the decline in luxury spending affect the overall economy?
What strategies can luxury brands employ to mitigate the impact of excess inventory?
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