The luxury goods industry is facing a challenging outlook due to weak demand and diminished pricing power, with significant uncertainties affecting key consumer markets in China, the US, and Europe. Sales growth, which surged post-pandemic, is now normalizing, and expectations for recovery in 2025 are tempered by concerns over tariffs and high interest rates. Analysts predict subdued demand in the next 6-12 months, with potential recovery hinging on improvements in household wealth and stability in the Chinese real estate market.