High interest rates and inflation have squeezed the "aspirational" shopper, while the Ultra-High-Net-Worth (UHNW) segment remains stable.
: Consumers are increasingly prioritizing travel, social events, and wellness over tangible products. Segments like luxury cruises (+30%) private yachts/jets (+13%) fine dining (+8%) saw strong growth, while personal luxury goods contracted. A Shrinking Consumer Base bain luxury report 2024 pdf