UK's Luxury Brands Struggle Amid Technical Recession
International News
May 2, 2024
Luxury brands in the UK are grappling with challenges as the country faces a technical recession, leading to decreased consumer spending on high-end goods. Economic uncertainties and reduced disposable incomes have prompted consumers to tighten their belts, resulting in lower demand for luxury items such as fashion and accessories. With tourism also impacted by ongoing travel restrictions, luxury retailers are feeling the pinch as international visitors contribute less sales.