Even wealthy shoppers are ‘trading down’ to cheaper brands — especially in two types of luxury goods

A luxury retail store stands in Manhattan on July 14, 2025, in New York City - (Spencer Platt/Getty Images)

Sales of personal luxury goods are expected to take a hit again this year as wealthy shoppers rebel against extravagant price hikes and global turmoil shakes confidence.

High-end apparel, footwear and handbag sales are expected to drop 2% to 358 billion euros ($412 billion) from 364 billion euros in 2024, according to a new study by the Bain & Co. consultancy released Thursday.