Luxury Market Faces First Slowdown Since Great Recession

Consumer uncertainty and rising prices contribute to a decline in luxury spending, with significant market shifts anticipated.

The global luxury market is expected to remain flat in 2024, with a 2% decline in sales at current exchange rates.
A loss of 50 million consumers has been reported, driven by price hikes and a shift towards experiential spending over luxury products.
China's luxury market has dropped 20% year-on-year, with recovery not anticipated until the second half of 2025.
Jewelry and beauty products remain resilient categories, while watches, leather goods, and shoes experience a slowdown.
Emerging markets like Latin America and Southeast Asia are poised for growth, potentially adding over 50 million luxury consumers by 2030.