The 2024 landscape shows a stark contrast between different geographies: 1. China’s Complex Recovery

Japan has emerged as the standout performer in 2024. A weak Yen has turned the country into a global hub for luxury tourism, attracting shoppers from across Asia and the West looking for better price points. 3. United States and Europe

Hard luxury (jewelry and high-end watches) is seen as a safer store of value compared to seasonal fashion.

Focusing marketing efforts on the top 2% of clients who drive the majority of revenue.

High interest rates and inflation have squeezed the "aspirational" shopper, while the Ultra-High-Net-Worth (UHNW) segment remains stable.