Overall global luxury industry growth is projected at 1 to 3 percent through 2027. Image credit: Global Harbor Mall’s Weibo
Luxury brands are adjusting their market approaches to address slowing growth and shifting consumer priorities, according to a new report from global managing consulting firm Kearney.
As leaders of high-end houses navigate a more challenging economic environment, Winning in a cooling market: strategies for luxury brands, examines the evolving dynamics of the sector, focusing on pricing, operational resilience and, last but not least, client engagement. With overall global luxury industry growth projected at 1 to 3 percent through 2027, brands must refine their strategies to align with the spending power and preferences of key consumer segments.
“Boomers and Gen X remain critical, controlling over 50 percent of global net wealth and driving resilient categories like watches, jewelry, and high-end travel,” said Nora Kleinewillinghoefer, report coauthor and partner in the consumer practice at Kearney, New York.
“Unlike Gen Z’s brand-fluid behavior, Gen X are known for strong brand loyalty and maintaining spending even in downturns,” Ms. Kleinewillinghoefer said. “To win, brands must prioritize personalization, VIP services, and omnichannel experiences, while reinforcing heritage, craftsmanship, and sustainable luxury to retain these high-value consumers.”
Generational fragmentation
Key luxury markets are presenting new challenges – China is experiencing uneven economic recovery and weakening consumer confidence while, in the United States, inflationary pressures and trade uncertainties have added to market volatility – creating a fragmented and complex environment for global luxury brands.
Personal luxury goods remain a major driver of the sector, but experiential luxury, including high-end travel and dining, continues to grow as consumers prioritize meaningful experiences over material possessions and traditional product categories such as leather goods, watches and ready-to-wear.
Kearney’s report notes that in the midst of changes, an understanding of luxury’s core customer is crucial, stating that the industry’s global consumer base is increasingly diverse across both generational and wealth segments.
The global luxury market is worth an estimated $500 billion in 2025. Image courtesy of Kearney
Baby boomers now account for 11 percent of the market, while Gen X and millennials claim 24 percent and 45 percent of that total respectively.
Experts assert, however, that luxury brands must recognize the financial insulation of older consumers in today’s uncertain landscape, making clear that serving millennials and Gen Z exclusively is not enough to keep up amid a slow-growth environment.
“Boomers and Gen Xers play an outsize role in any strategy for winning in a cooling market, when compared to Millennials and Gen Zs,” said Brian Ehrig, report coauthor and partner in the consumer practice at Kearney, New York.
Baby boomers now account for 11 percent of the market, while Gen X and millennials claim 24 percent and 45 percent of that total respectively. Image courtesy of Kearney
“This is simply because they have the highest net worth and are the most insulated from the financial and geopolitical uncertainty much of the world is experiencing right now,” Mr. Ehrig said. “So, if you are a heritage brand, your focus needs to be on doubling down on these customers.
“If you are an emerging or Indie brand, you need to figure out how to reach these customers.”
Balancing exclusivity and access
Winning in a cooling market: strategies for luxury brands includes additional insights regarding the evolving balance between exclusivity and accessibility in a shifting luxury landscape.
For one, its authors acknowledge that luxury price hikes have significantly outpaced general inflation in recent years, with select heritage products doubling in price since 2019.
Many brands have managed to protect margins, though heightened costs have also resulted in the loss of millions of aspirational consumers, pushing this segment toward alternative markets such as resale platforms and inadvertently upping the popularity of accessible luxury labels (see story).
As all shoppers, from high-net-worth individuals to the extremely value-conscious making entry level luxury buys, become more critical of what their purchases are worth, company leaders are refining their value propositions: some are streamlining product assortments to reduce decision fatigue while others are emphasizing exceptional craftsmanship and heritage storytelling to reinforce exclusivity.
The report notes that leadership transitions, including the plethora of creative director appointments enacted within the past year, reflect efforts to refresh brand identities.
Next, while digital commerce continues to expand, physical retail remains a cornerstone of the luxury shopping experience. High-spending tourists in key cities such as Paris and Milan are driving strong retail performance, and more than three-quarters of luxury consumers indicate they plan to visit stores as often or more than before.
Personal luxury goods remain a major luxury market driver, but experiential luxury, including high-end travel and dining, continues to grow. Image courtesy of Kearney
Brands are investing in retail innovation to enhance engagement, improving personalized services including bespoke consultations and VIP shopping experiences, to foster deeper connections. Digital enhancements such as augmented reality and AI-powered recommendations are also modernizing in-store interactions.
Upskilled store associates with specialized brand knowledge are improving the quality of service, while long-term loyalty programs, including repair and recycling initiatives, are reinforcing customer relationships.
Additionally, luxury brands are under mounting cost pressures due to rising raw material prices, labor shortages and stricter regulatory requirements (see story), and protecting margins without compromising exclusivity requires new levels of efficiency across operations. Brands are leveraging artificial intelligence to optimize supply chain management and reduce waste.
Alternative materials, including lab-grown textiles and plant-based leather, are emerging as cost-effective and sustainable substitutes. Streamlined product development is enhancing customization while maintaining production efficiency, and technology-driven retail strategies are improving fraud detection and operational performance.
All in all, to thrive in a cooling market, Kearney suggests that luxury brands must balance short-term profitability with long-term brand equity, thus actions in splashy, high-growth emerging sectors, whether regional – prioritizing a presence in India and the Middle East, for instance – or demographically inclined – narrowing all attention to Gen Z – are not enough to survive.
A focus on the basics – refining price-to-value alignment and strengthening omnichannel strategies – are also mission critical.
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”,”iv”:”bd1d847515e19a8f6716b8d3bd2946e3″,”s”:”0d396a39f8ccb2ed”}
