Retail
October 11, 2022
As the economy slows down, Gen Zers are cutting their luxury spend — meaning brands must look to alternative consumer bases such as the more mature UHNWIs. Image courtesy of Stefano Ricci
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","iv":"436346e1df57a99315242bb0129a9069","s":"cab025bb6f072e1b"}
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