Luxury’s Lost Decade Begins as 50 Million Shoppers Exit the Market

The global personal luxury goods market is at an inflection point. After a decade of almost uninterrupted expansion, the industry saw its first meaningful contraction in 15 years in 2024–2025. Within this contraction, a brutal divergence has emerged: Hermès and Prada are gaining share, LVMH and Richemont remain resilient.