Is the statement true or false: The personal luxury goods market is projected to achieve an annual growth rate of 1% until 2030?

The assertion about the personal luxury goods market achieving an annual growth rate of 1% until 2030 is marked as false because the actual projections indicate a higher growth rate for this sector. Industry analyses often present a more optimistic outlook, suggesting growth rates in the range of 5% to even 10% annually, depending on various economic factors and consumer trends affecting the luxury market. This growth is driven by factors such as a resurgence in consumer spending, increasing demand in emerging markets, and evolving consumer preferences towards luxury experiences and sustainable luxury products. Hence, the claim of a mere 1% growth rate does not align with the broader market trends observed in recent reports and forecasts.