According to Julius Baer’s annual report, Hong Kong and Singapore remain the top cities for luxury goods consumption. Hong Kong rose to second place, London to third due to a strong pound post-Brexit. Shanghai fell to fourth amid real estate challenges, Tokyo to 23rd with a weaker yen, and Zurich to sixth with a strong franc. The Julius Baer Lifestyle Index noted Europe, the Middle East, and Africa becoming pricier in 2023, boosting all European city rankings due to currency fluctuations. Jewelry, men’s suits, and women’s shoes saw significant price hikes in tourist retail.