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The democratisation of data and consumer energy through social media has played a huge part on this. Platforms like TikTok and Reddit are filled with conversations that problem the industry’s value proposition, which has made it a lot harder for luxurious manufacturers to manage their narrative. Recent gross sales figures underline just how far demand for luxury mega-brands has fallen from its post-pandemic highs. In July, a few of the industry’s greatest players reported disappointing revenues for the second consecutive quarter.
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