As the values of brand, craftsmanship and the never-ending quest for experiences become more important with luxury shoppers, Altagamma is taking proactive measures to help its members stay current.

After a post-pandemic boom, the luxury market has cooled a bit in the past year or so. The personal luxury goods market dipped to 363 billion euros in 2024, a 2 percent decline compared to 2023, based on the annual Luxury Study, released by Bain & Co. and Fondazione Altagamma. That dip was partially caused by macroeconomic tensions, decreased Chinese demand, and a marked withdrawal by aspirational consumers, those spending less than 5,000 euros annually on luxury goods and services.

As chairman of that foundation, Matteo Lunelli has a bird’s-eye view of the factors that are impacting the Itali

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