Something has shifted in the relationship between luxury brands and the people who buy them. The global active luxury customer base contracted from 400 million consumers in 2022 to approximately 330 million by the end of 2025, according to Bain & Company and Altagamma, effectively returning to its estimated 2013 size. The contraction was driven in … Continue reading Why Luxury Consumers Are Spending Less (It Has Nothing to Do with Affordability)