Luxury shopping is no longer just for the affluent

As the holiday season approaches, banks and premium luxury brands face a pivotal moment in a market defined by contradiction. While the glamour and allure of luxury goods remain, Visa data shows the pace of buying has slowed amid global economic uncertainty: In the first half of 2025, participation in luxury retail spending decelerated across major global centers. This marks the first decline in the luxury industry since the financial crisis of 2008, excluding the COVID-19 shock in 2020.

However, a recent Visa Business and Economic Insights (VBEI) analysis of domestic cardholder activity in luxury shopping hotspots including Dubai, London, Paris, Singapore, and New York City reveals a complicated spending picture. Despite the recent slowdown, consumers across spending tiers are still engaging with high-end goods, indicating that luxury retail is no longer just for the top 1 percent of spenders.

vbei-global-economic-insight-luxury-spending-nov2025

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