Luxury’s real crisis isn’t price—it’s desirability

Luxury products, once symbols of status and exclusivity, are increasingly seen as not worth their high price tags. This shift in consumer perception has led to significant changes in the luxury market. Earlier this year, LVMH, the world’s largest luxury group, decided to sell Marc Jacobs, a move that highlights the ongoing challenges faced by even the most prestigious brands. This decision is part of LVMH’s broader strategy to streamline its portfolio in response to several years of declining demand for luxury goods. The sale of Marc Jacobs underscores the pressure on luxury brands to adapt to changing market conditions and consumer expectations. As the luxury industry grapples with these challenges, it raises questions about the future of luxury goods and their place in a rapidly evolving market. QUESTION: How might changing perceptions of luxury goods influence the way future generations view and value luxury brands?