1.44 Trillion Euros for Luxury - But the Market is Shrinking - Luxury market slumps for a second year as art sales plummet 9%
The global luxury market is facing a second year of decline, with overall spending set to drop in 2025. After a €34 billion fall in 2024, the sector now expects consumers to spend €1.44 trillion—down from previous highs. Yet while some areas struggle, others like high-end travel and dining continue to grow.
Luxury car sales have fallen by 6%, adding to the broader downturn. Art sales suffered even more, dropping 9% to €31 billion. Analysts point to weaker purchasing power, geopolitical tensions, and rising prices as key factors behind the decline. In China and Europe, even affluent buyers are cutting back, showing signs of fatigue.
The luxury market’s contraction reflects broader economic pressures, from inflation to political instability. While travel and dining still attract spending, other areas like cars and art face sharper declines. The trend suggests a more cautious approach among high-end buyers in the coming year.
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