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Luxury Fashion Faces a New Reality as Consumers Choose Experiences Over Status

Luxury fashion is confronting a changing definition of value as consumers increasingly prioritise travel, wellness and memorable experiences over traditional status purchases. Against slowing demand, major houses are spending heavily on runway spectacles, private client experiences and brand reinvention to restore desire. At the same time, moves such as Gucci’s China-made luxury sneakers highlight deeper questions around provenance, craftsmanship and pricing. The industry’s challenge is clear: luxury must now compete for both money and meaning.