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Luxury revenues were flat in 2Q, slowest growth in 15 quarters: BofA

August 28, 2024 7:50 AM EDT

Luxury goods revenues remained flat in the second quarter of 2024, marking the slowest growth in 15 quarters, according to a recent report by Bank of America.

"Demand deteriorated in July, driven by Chinese consumers and the rest of Asia," said BofA.

The bank's analysts noted that luxury demand further deteriorated in July, driven by a significant drop in spending by Chinese consumers.

While luxury spending in China grew by... More