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  "documentTitle": "The State of Fashion Luxury",
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      "text": "Following years of moderate price increases of just 1 to 2 percent, brands raised prices significantly from 2019 to 2023, accounting for around 80 percent of luxury industry growth.",
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      "text": "Global luxury goods market growth drivers: Price increases (~80%) vs Volume increases (~20%)",
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      "text": "Price and Volume: Brands raised prices significantly, accounting for 80% of growth. Geography: China drove 40% of growth. Category: Leather goods and jewellery grew fastest.",
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      "text": "Source: McKinsey analysis based on Euromonitor, BofA Global Research, Julius Bär Global Wealth Report 2024, Citi Research estimates",
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