State of Luxury 2026 About You Question Title * 1. In last year's survey, a majority felt the market was in or close to a recession, while 35% believed a recession would be avoided. So, did the luxury market enter a recession in 2025? (Please select the answer that best reflects your opinion) Yes, it experienced two years of declining sales Some luxury sectors and/or markets went into a recession, but not all Not a recession, but it has entered a period of slower growth No recession in 2025, no recession in 2026 Don't know Other (please specify) Question Title * 2. Bain reports that the share of active luxury consumers within the total addressable market declined from 60% in 2019 to 45% in 2025. Thinking specifically about affluent and core luxury consumers, what do you believe are the primary reasons their engagement with luxury has weakened over the past five years? (Please check all answers that apply) Prices increased faster than perceived value or quality Luxury quality or craftsmanship declined Near comparable quality became available at lower prices, i.e. trading down Luxury requires more time, effort or decision-making than consumers want to invest Purchase experiences became transactional rather than relational Declining trust in brands' motives or long-term consistency Excess marketing reduced perceived authenticity or intimacy Shift toward experiences and lifestyle over ownership Decline in service quality, continuity or personal recognition Overexposure and ubiquity diluted exclusivity Core buyers aging out faster than younger cohorts are entering Growth of resale, secondhand and alternative ownership models Luxury brands and service providers haven't kept up with consumers' evolving expectations Increased social or cultural sensitivity around conspicuous consumption Digital and marketplace channels weakened ritual, curation or scarcity Luxury lost symbolic meaning or cultural relevance Too many collections, drops or options created fatigue I don't agree with Bain about a decline in active luxury consumers Other (please specify) Click below to continue and receive a complimentary copy of the State of Luxury 2026 report, including all the data and our analysis to help you better compete in the new year. Question Title Next