Bain & Altagamma's latest report forecasts sales of the personal luxury goods to decrease 2% to €358mn in 2025. The luxury market is still resilient but not immune to the headwinds from economic and geopolitical uncertainties. Global luxury spending is expected to remain stable in 2025 at €1.44tn at constant exchange rates. At current exchange, it is forecast to decrease between 1 and 3%. Q3 was better than expected and Q4 is seen as critical. While ultra-wealthy buyers are continuing to sustain demand for high-end luxury goods, aspirational consumers have pulled back, adding to the pressure on traditional luxury, according to the report. The market is ‘navigating a fragile global balance. Ahead lies a phase of quality-driven growth, fueled by discipline, ethics and innovation. Expansion will favor fewer, higher-impact locations—a shift toward a more discerning, experience-led model.’