Luxury’s Lost Decade Begins as 50 Million Shoppers Exit the Market
Unless otherwise noted, all figures in this report are taken from official financial reports. The global personal luxury goods market is at an inflection point. After a decade of almost uninterrupted expansion, interrupted only briefly by COVID, the industry saw its first meaningful contraction in 15 years in 2024–2025, with the market stabilising at around €358 billion in 2025 (flat to -2% year-on-year). Approximately 50 million luxury consumers have exited the market since 2022, effectively wiping out the […]