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  "documentTitle": "The State of Fashion Luxury",
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  "notes": "The slide uses a combination of qualitative quotes and a quantitative bar chart to illustrate the disconnect between price hikes and perceived quality.",
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      "text": "Around 80 percent of interviewed UHNW clients express dissatisfaction with ongoing price increases and many link this to the discussions of quality and innovation.",
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      "text": "Price range for select luxury bags across seven major brands, 2019-2024, USD",
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      "text": "Around 80 percent of interviewed UHNW clients express dissatisfaction with ongoing price increases and many link this to the discussions of quality and innovation. Similarly, 41 percent of social media conversations related to luxury prices include frustrations about luxury becoming less affordable amid price increases and intensifying economic pressures. While discontent with luxury prices is relatively consistent globally, it is even more apparent in the UAE, where luxury price-related comments online occur around 4.5x more than the global average, predominantly focused on price disparities between different markets.",
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      "text": "You cannot just double the price in a few years... luxury does not justify it all. — UHNWI, Europe",
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      "text": "That's the catch: the prices have gone through the roof while product quality has not necessarily gone in the same direction. — UHNWI, Europe",
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      "text": "That’s the catch: the prices have gone through the roof while product quality has not necessarily gone in the same direction. — UHNWI, Europe",
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      "text": "a. UHNWI and HWNI are categorised by Knight Frank as having respectively at least $30m and $1m in assets, including their primary residence. Source: McKinsey State of Luxury Interviews with UHNWI, HNWI and aspirational clients (US, France, China, Japan, South Korea, UAE), of which selected conducted in collaboration with the Luxury Institute, The Business of Fashion, Marketvision, brand websites as of August 2024, expert interviews",
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