The luxury goods market is set for a tough year:

Global sales of personal luxury goods are estimated to decline by 2% to €363 billion in 2025, according to Bain & Company.

That would mark the first drop since the 2008 Financial Crisis excluding the 2020 pandemic.

Moreover, only 33% of luxury brands are expected to grow their revenues in 2024, down from 66% last year.

This comes after consumers pulled back on spending globally, especially in China and Europe.

As a result, LVMH stock, $LVMH, is down ~12% over the last year.

The luxury goods market is slowing.