Luxury brands sag as Gen Z’s “No-Buy 2025” trend spreads

Consumers have kept the economy humming, but inflation fatigue has taken a toll. The new big idea is austerity, and it’s hitting luxury retail hardest. A sea change in the spending habits of the world’s consumer-driven economies appears to be gathering momentum, presenting an ominous challenge for the retail industry, most recently in the luxury space. The Gen Z “underconsumption” trend we discussed  here last summer has expanded into this year’s broader social media meme—“No Buy 2025.”