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      "text": "a. Includes apparel, footwear, leather goods, and watches and jewellery; b. Includes only luxury spas; c. Luxury accommodation (>$500 per night); d. Global luxury furniture market, incl. residential and commercial; e. Includes ready-to-wear (+3% 2019-23 CAGR) and footwear (+2%)",
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      "text": "Source: McKinsey State of Luxury analysis based on McKinsey Global Fashion Index in The State of Fashion 2025, McKinsey State of Tourism and Travel 2024, Global Wellness Institute, Euromonitor. Note: contribution to sales growth calculated using July 2024 fixed exchange rates",
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