The insight: Global personal luxury goods spending is expected to dip 2% YoY in 2024, the first contraction since the Great Recession, according to a new report by Bain and Altagamma.

The big picture: Weaker spending from Gen Z consumers, along with depressed consumer sentiment in China, is weighing heavily on demand.

• The number of customers in the market for personal luxury goods has contracted by 50 million over the past two years, as worsening economic conditions—and brands’ persistent price hikes—make it harder for shoppers to justify the expense.