Luxury goods market to shrink for first time since the 2008 financial crash, research finds

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The personal luxury goods market looks set to face its first slowdown since the Global Financial Crisis, excluding the Covid period, a new report showed…

The personal luxury goods market looks set to face its first slowdown since the Global Financial Crisis, excluding the Covid period, a new report showed Wednesday.

"Mainland China has experienced a sharp slowdown, worsening throughout the year as domestic spending decreased due to lackluster consumer confidence," Bain & Company noted. Luxury travel particularly emerged as an area of growth, with consumers increasingly switching their spending toward experiences, social events and wellness.

 

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