The global luxury goods market is forecast to shrink in 2025.

3 days ago · MILAN (AP) — Global sales of personal luxury goods are forecast to shrink in 2025 for the first time since the Great Recession, according to a Bain consultancy study released …

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What are the factors causing the global luxury market downturn?

Factors contributing to the downturn include significant price hikes by brands, global instability, and a decline in consumer confidence. Global sales of personal luxury goods are forecast to shrink in 2025 for the first time since the Great Recession, according to a Bain consultancy study released Wednesday. ...

Why is the luxury market shrinking?

The result is the luxury market has shrunk by 50 million customers, to an estimated 250 million to 360 million, as the luxury base shrinks for the first time. “We have 50 million fewer customers either because they can’t afford to shop, or they don’t want to because they don’t feel there is enough juice,’’ D’Arpizio said. ...

Will Trump tariffs make the luxury goods market worse?

A study says the global luxury goods market will shrink in 2025. Trump tariffs could make it worse | AP News A study says the global luxury goods market will shrink in 2025. Trump tariffs could make it worse FILE - Vintage Gucci bags are displayed inside the new on-line concept store, called Gucci Vault, in Milan, Italy, Saturday, Sept. 25, 2021. ...

How much will luxury sales drop in 2024?

Sales of luxury goods are forecast to drop by 2% to 363 billion euros ($385 billion) next year, from an expected 369 billion euros in 2024, due to steep price increases imposed by brands and global turmoil, Bain said. ...

How will tariffs affect European luxury producers?

While the study did not address the possible impact of tariffs, D’Arpizio said the impact on European luxury producers would depend on how the tariffs are implemented on the category, if at all. She noted that a dearth of American luxury substitutes may lead to an exemption. ...

Is the creativity crisis affecting Gen-Z shoppers?

The creativity crisis is also alienating Gen-Z shoppers, many now in their 20s, the study found. The result is the luxury market has shrunk by 50 million customers, to an estimated 250 million to 360 million, as the luxury base shrinks for the first time. ...