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Despite a global economic slowdown in 2022, luxury brands had plenty of reasons to pop the champagne. With strategies rooted in experiences, excitement and escapism, mass-market brands could stand to glean a few lessons from their more exclusive peers in an increasingly tough market.
Over the past 12 months, luxury has been buoyed by a post-lockdown desire from people to “catch up” on experiences disrupted by the pandemic. An expanding Gen Z and millennial customer base, coveting Gucci loafers and Tesla Model Xs, have also helped put the fizz in revenues.
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