Luxury’s real crisis isn’t price—it’s desirability

Luxury brands are facing an unexpected crisis, not from price hikes but from declining desirability. After years of steady growth, the luxury market has seen a sharp drop in customer numbers, losing around 70 million customers since 2022. This shift is forcing major players like LVMH to rethink their strategies, as evidenced by the sale of Marc Jacobs. The implications are significant, suggesting a fundamental change in consumer preferences that could reshape the luxury industry's future.