Low expectations for a recovery in the Italian luxury sector
There are no signs that the downturn in the luxury sector is over, says the Confindustria Moda. Only 1 in 10 entrepreneurs expects an improvement in the second quarter of the year
The year 2024 will be very challenging for the Italian fashion sector, according to Confindustria Moda. Figures from the leather and accessories supply chain show a slowdown in the industry in the first quarter, and the general feeling is that the second quarter was even worse.
Specifically, about half of the members surveyed see a stable economic outlook, but 43% estimate further deterioration. Pending official data, only one in ten entrepreneurs expect the scenario to improve.
In addition, updates from the retail chain point to a summer season in line with previous ones: low sales. This translates into unsold products, with a negative impact on purchases for the summer of 2025.
Nine out of ten entrepreneurs attribute this difficult period to weak demand, but rising energy and raw material costs, a shortage of skilled labour and generational change are also worrying issues for the industry.
Source: laconceria.it
Image Credits: whowhatwear.com
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