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":"3acba9b9a58b4f29021095de8a447b7c","s":"62de964e8c44c86d"}
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