 So what happened? A tipping point in inflation. Anything that is luxury and exclusive almost doubled in price in the last few years. Luxury shoppers typically are made up of two kinds of people. The rich who don't have to worry about inflation, but also the so-called aspirational. People in the middle and upper middle classes who are curtailing spending. They still want luxury, just not so much luxury stuff. We have seen a significant shift in spending from goods to experience.