Fifty million consumers have been lost, and production has dropped by 20-25 percent compared to two years ago. The Luxury Goods Worldwide Market Study Altagamma-Bain, which was presented in Milan, has confirmed 2024 as a challenging year for global luxury. The industry is expected to generate 1,478 billion euros in revenues, a 2% decrease from 2023 at current exchange rates. Andrea Guerra, CEO of Prada Group, commented on the findings, saying, "In recent years, a massive error in pricing has occurred. It was inappropriate to boost them so dramatically just because it was simple. And the fact that we haven't been able to make people fall in love with our products to the point where they believe their value isn't reflected in the price is a complete failure of our efforts". The manager stressed the price growth, which was referenced multiple times throughout the presentation of Bain & Company's luxury industry data. "However, this mistake will not be solved by lowering prices or bringing cheaper products to the market, but by offering quality creations, telling a story, embracing specific values and being credible." Guerra then recounted how, despite the challenges of 2024, the sector has grown for the past 25 years, expanding its value by 5 or 6.