Luxury’s $1.7 Trillion Headache: The Sector Lost 50 Million Customers Last Year and Is Struggling with Selfie-Happy Gen Z

Luxury’s $1.7 trillion headache: The sector lost 50 million customers last year and is struggling with selfie-happy Gen Z

Luxury brands are retreating to exclusivity after years of trying to broaden their appeal, but they’re now struggling to reconcile that elusiveness with younger consumers’ desire to share and express identity online. With the luxury market shrinking—marked by a 3% dip in early 2025 and the loss of around 50 million customers—brands must urgently innovate to maintain relevance, exclusivity, and emotional connection in the social media era. Luxury…

Luxury’s 2025 outlook has been clouded by tariffs, says Bain

The consultancy firm has revised its forecast for the personal luxury goods market this year, now outlining three possible scenarios instead of one — something it hasn’t done since Covid.