Meaning is the new currency of luxury

The luxury goods market is undergoing a shift unlike any in recent memory. After two years of declining sales —dropping 3% from $417 billion (€369 billion) in 2023 to $405 billion (€358 billion) in 2025— Bain & Company, in association with Altagamma, now reports that first-quarter 2026 fell between 3% to 5% from an already weak first quarter 2025, when it declined 1%.  
While the firm expects momentum to return as geopolitical and economic shocks ease—projecting a modest 2% to 4% year-over-year rebound to between $412 billion and $421 billion—the potential recovery is far less robust than after the 2008/2009 downturn. That time the decline was sharper—losing 9% over the two years—but it snapped back even stronger—up 16% from its pre-crisis level in 2007.