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Neither inflation nor the war in Ukraine are threatening to take a bite out of the luxury fashion market, according to a study published Tuesday. While much of the world is fretting over higher fuel and energy prices, the study by Bain & Company consultancy indicated that the global luxury market remains set for growth, largely due to the continued resiliency of the world's wealthiest people. The global luxury market grew by nearly one-third to 288 billion euros ($198 billion) last year, rebounding from its worst recorded dip due to the 2020 pandemic lockdowns, according to the study commissioned by Italy's Altagamma association of high-end producers. Sales of personal luxury goods including apparel, accessories and footwear posted high double-digit growth in the first quarter of this year, despite the first signs of economic uncertainty tied to the Russian invasion of Ukraine, Bain said. In its most pessimistic outlook, assuming global inflationary pressure, Bain forecasts growth
Real estate developers should make investment in digital adoption for reducing their operational cost and improving end-products to deal with the challenge posed by the COVID-19 pandemic, according to consultancy firm Bain & Company. The outbreak of COVID-19 has adversely impacted the already weak consumer sentiment in the residential property market and the "demand is likely to be muted until there is economic stability and job security", it said. Bain & Company on Thursday released its report 'Residential Real Estate in India - Unlocking Efficiency and End-Product Efficacy Through Digital.' "In these pressing times, it is imperative that real estate companies make investments in digital adoption to stay ahead," the report said. Internet of things (IoT), digital engineering, advanced project management tools, improved connectivity, data proliferation and adoption of smart phones and hand-held devices, are some technologies that will change operating models in the near term, .