Luxurynsight&Heuritech：2024年全球奢侈品牌洞察报告（英文版）

Despite the slowdown,luxury brands maintainedtheir marketing investments, although with notabledifferences across categories. Perfume & Cosmeticscontinued toshowstrong activation growth,outpacingFashion &Leather Goods,whichhistorically led in volume.In contrast,Watches &Jewelry activations saw a significant decline from Qlto Q4 2024.This shift reflects a more strategic andtargeted approach,particularlyin the lattercategories,withinvestments focused on high-impact touchpoints and e