Luxury is not moving in a single direction.
In the results published by LVMH on 12 October, Fashion and Leather Goods recorded a 5% organic decline in the third quarter of 2026, while Watches and Jewelry grew by 6%. Within the same group and the same period, very different performances are therefore coexisting.
This is not enough to describe the entire market, but it is an interesting signal. At a time of greater attention to spending, some categories appear to be preserving their appeal better than others. Customers are not only assessing the brand: they are considering how recognisable and durable an object is, and whether it can retain meaning over time.
Citi data on US spending also points to a more cautious consumer. In September, credit-card purchases at luxury brands fell by 6% compared with the previous year.
Rather than a uniform reading of the sector, a more selective market seems to be emerging. Not everything classified as luxury is perceived in the same way, and not every category responds to the same motivations.
Understanding where desire continues to concentrate may be more revealing than simply asking whether the market is growing or slowing down.