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  "documentTitle": "The State of Fashion Luxury",
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      "text": "The personal luxury goods industry — defined as fashion, leather goods, and watches and jewellery — has grown 5 percent per year between 2019 and 2023 (9 percent per year between 2021 and 2023), 2 percentage points above GDP growth. Price increases propelled growth, particularly for larger players, with prices rising 4 percent per year on average across the industry. The luxury industry also benefitted from explosive growth in the Chinese domestic market, which grew at 18 percent per year from 2019 to 2023, effectively doubling in size, as well as high disposable incomes in the US coming out of the Covid-19 pandemic.",
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      "text": "of industry growth was driven by price increases rather than volume increases",
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