Luxury has enjoyed close to four decades of near-continuous growth, and the industry has come to view that run as a baseline rather than an exception. Since 2019, price and mix — not new buyers — have driven most of the sector's gains, while China's spending has shifted structurally toward domestic consumption and younger consumers have grown fluent in what a product actually costs to make.
In this report, we explore where the consensus view on luxury may be wrong, through exclusive interviews with Sascha Rowold (Acting CMO & CDO to the Chairman, LVMH Family Office) and Claire Kent (former Managing Director, Morgan Stanley; former Non-Executive Director, Prada), examined against broker research and earnings-call data sourced on AlphaSense.
