Luxury

Why aspirational luxury shopping is losing steam — and what’s ahead in 2026

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Key Points
  • J.P. Morgan predicts luxury will stabilize in 2026, with improvements driven by an uptick in Chinese consumer confidence and product innovation.
  • Following a post-pandemic boom, the sector has struggled to gain momentum as consumers hold on tighter to their wallets amid higher costs of living and worries about job security.
  • “The aspirational luxury buyer has virtually disappeared,” founder of 5 New Digital Michael Zakkour, told CNBC.