Luxury Retail’s Evolving Landscape: A Cognizant Study

Luxury Retail’s Evolving Landscape: A Cognizant Study

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The luxury goods market may appear to many as a recession-resistant industry that generates over $1 trillion in revenue, but a closer look at the figures suggests otherwise.

Luxury retailers, which were growing 9 per cent annually a year before the recession, saw sales drop on average by more than 13 percentage points from 2007 to 2009.

Meanwhile, luxury manufacturers saw their revenues decline by an average of 21 percentage points.

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