The luxury scene According to Bernstein's analysis, the fourth quarter of 2024 had performed better than tepid expectations, but the latest growth forecast for luxury for 2025 has been revised downwards, from +5% to +2%. If the 2024 performance was driven by four main points - the return of the aspirational customer; the United States as the main market for luxury; a wait-and-see attitude on tariffs - 2025 foresees a slowdown in the US economy, a slow recovery in China, consumer fatigue with high prices and the perception of unattractive design weighing on sales. For HSBC too, the slowdown...