Research
January 23, 2024
From the growth of “experience-based goods” to upticks in M&A activity, several quiet forces could help propel market growth in the coming months. Image credit: Rupert Ramsay/BFA
By Amirah Keaton
The last few quarters have brought a steady stream of corrections to the luxury segment.
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","iv":"a33abff244f9a4e9035c80942b815405","s":"9be4f2986a827c4f"}
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