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      "text": "Top spenders — including ultra-high and high spenders — drove 40 to 50 percent of the market growth between 2019 and 2023, disproportionate relative to their 2 to 4 percent share of the luxury client base.",
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      "text": "Top spenders: 25-30%; Ultra-high spenders: 15-20%; High spenders: 10-15%",
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      "text": "Luxury enjoyed a long chapter of growth between 2019 and 2023, defying macro challenges to grow faster than GDP. The pandemic played a key role in this, as clients opted to spend their disposable income and savings on luxury goods.",
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      "text": "Sources: McKinsey State of Luxury analysis, based on McKinsey State of Tourism and Hospitality 2024, Knight Frank, Wealth-X, Credit Suisse/UBS, Capgemini, Global Blue Shopping Report, Project Max Travel Advisor Surveys, Beyond Boundaries, McKinsey State of Beauty.",
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