Dior to Louis Vuitton: Empty boutiques, unsold bags - why rich are suddenly not shopping luxury!
Global luxury sales faced a stark reality check as LVMH reported a mere 1% growth, significantly impacted by Middle East conflicts.
Dubai's luxury malls saw sales plummet 50%.
Europe's sales contracted 3% due to fewer Gulf tourists, while the US remained a bright spot.
Fashion sales declined, but watches and jewelry showed resilience.