6 hours ago
The global luxury market is entering a new era, according to a joint report by BCG and Altagamma. For years, growth was fueled by so-called “aspirational” consumers – middle-class buyers willing to spend up to €2,000 annually on luxury goods. But inflation and rising living costs are forcing many to cut back.
Between 2013 and 2024, the share of aspirational clients in the luxury sector fell from 74 to 61 percent. Over the past year alone, 35 percent of these consumers abandoned luxury purchases, while 65 percent plan to reduce or freeze spending.
This shift leaves high-end brands increasingly dependent on ultra-wealthy clients who spend at least €50,000 a year. Although they represent only 0.1 percent of customers, they now account for 23 percent of global luxury spending – nearly double their share a decade ago.
Analysts warn that brands betting on “democratic luxury” will struggle. The future belongs to labels that meet the growing demands of the super-rich, who now prize wellness, exclusivity, and strong brand identity alongside traditional status symbols like jewelry and watches.
