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Behind the spectacular shows of the world’s biggest fashion houses in Milan and Paris lies a troubling picture: the global luxury market continues to slow, while the war in the Middle East appears to be making matters even worse, Reuters reports.

Investors are increasingly questioning the growth prospects of luxury brands. The industry’s long-awaited recovery has yet to materialize, while inflationary pressures linked to the conflict in the Middle East are squeezing consumers’ budgets at a time when demand for expensive handbags and other luxury goods has already begun to weaken.

Shares of Kering, the owner of Gucci, have erased all of the gains made since Luca de Meo was appointed chief executive a year ago. LVMH, the world’s largest luxury group, has lost 37% of its market capitalization since the beginning of 2026.

Luxury Under Pressure

“I think this year and next year will probably be a period of waiting — the market needs to stabilize and become more predictable again,” Diego Della Valle, chairman of Tod’s, said in Milan.

Luxury brands are having to work harder to persuade consumers to spend on new collections while also proving that their costly fashion shows are worth the investment. Industry experts estimate that staging a single show can cost around €10 million.

Research by Bain and other consulting firms shows that middle-class consumers have been cutting their spending on luxury goods. This is intensifying the battle among brands for the wealthiest clients, even as sales decline, with companies continuing to invest in stores, services and exclusive customer experiences.

“The industry has become highly polarized: fewer than half of the brands are growing, while the rest are losing ground,” Federico Bazzani, a partner at Deloitte Advisory, told Reuters.

According to him, brands face a choice: invest in innovation, customer experience and cultural relevance to justify their high prices, or reconsider their pricing and accept lower margins.

Prada, which opens Milan Fashion Week on Tuesday, recently revamped its flagship store in Milan, creating separate private spaces for its wealthiest clients.

After a sweeping round of price increases, the situation has become even more difficult. Even affluent shoppers are now paying closer attention to value for money, according to London-based luxury business consultant David Watts.

“They don’t want to cut prices because that means admitting, ‘We were charging you too much,’ and it would hurt margins. But they also don’t want to reduce production because that would lead to lower revenue,” he explained.

Consumers Are Changing Their Priorities

Industry executives are increasingly pointing to a deeper shift in consumer habits. That is one reason Renzo Rosso, chairman of OTB, the owner of Diesel, does not expect the market to recover anytime soon.

“Consumers are changing,” he said at a conference in Milan on Monday. According to Rosso, shoppers are increasingly choosing to spend their money on health, wellness and longevity, as well as hotels and restaurants.

This week, Gucci, Dolce & Gabbana and Giorgio Armani will unveil their new collections in Milan. In Paris, where Fashion Week begins on September 28, attention will turn to LVMH’s flagship brands, Dior and Louis Vuitton.

Behind the luxurious sets and spectacular runways, the industry is now facing a central question: can the major fashion houses once again convince consumers that their high prices are justified as the global economy and spending habits continue to evolve?

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