Where Did Luxury’s Aspirational Shoppers Go?

In its latest round of earnings, the luxury industry filed a missing persons report.

Aspirational shoppers — those with the means to buy a coveted bag or two a year, but who are not yet part of the ultra-wealthy clientele that make up the foundation of luxury’s business — are pulling back their big purchases.

In particular, there’s been a drop off in spending from aspirational shoppers in the US, who previously served as the luxury…