The luxury market is seeing an overall demand slowdown as consumers pare back splurging on high-end purchases, while some limit spending only to products that fall in the luxury category of beauty and cosmetics, which are less pricey than a Louis Vuitton clothing item or Hermès bag.
In ****, Statista’s data showed that revenue of luxury fashion fell *.* per cent, while in **** it is expected to grow *.* per cent and eventually see a growth rate taper from **** to ****. According to the data, luxury fashion is expected to post a *.* per cent rise in ****, compared to *.* per cent the segment would see in ****.
This is where a clear polarisation between ultra-high-net-worth spending and declining aspirational buyer sentiment is reshaping luxury demand. According to Kasia Davies, data journalist at Statista, when it comes to luxury consumers, ** per cent of consumers worldwide expected their luxury spend to increase somewhat.
