For years, the luxury sector advanced with the self-assurance of those who believe themselves immune. Even when the economy falters, the iconic bag, the coveted watch , the signature fragrance continue to sell, or so it was believed. But for the past few seasons, this veneer has been cracking. Not because the very high end is collapsing (the best customers often remain loyal), but because a crucial link in the chain has weakened: the aspirational clientele, those who dream of luxury, buy it in small doses, and fuel the overall dynamic.
The figures tell the story. A recent study reported in the trade press estimates that the sector has lost up to 70 to 80 million customers in three years, including 50 to 60 million in the 2023 and 2024 financial years alone.
This is a serious warning, because this occasional clientele is not marginal: it represents the vast majority of buyers and weighs heavily in the value created.
So, what happened? And above all: how do we win back these consumers who aren't asking for the doors of a private club to be opened wide for them, but for a reason to get in?
Aspirational clientele: the silent fuel of luxury
There's a lot of talk about VICs (Very Important Clients) : these ultra-valuable clients who are pampered, invited, and served first. And rightly so: they secure a considerable portion of revenue. But a brand isn't built solely on a handful of elite buyers. It's built on a desirability that circulates: on the street, on social media, in the press, in conversations, in shop windows.
Aspirational customers are those who:
- buys less often, but comes back when the emotion is there;
- sometimes chooses a small luxury (perfume, beauty products, glasses, small leather goods);
- save up for a strong coin, once in a while;
- feeds aspiration… and thereforeinfluence.
Losing it isn't just losing sales figures: it's losing traffic, buzz, repeat business, and future potential. Many of today's high-value customers started yesterday with an affordable first purchase. When the entry point becomes too restrictive, the pipeline dries up.
Why did this clientele drift away: the perfect storm?
There are cyclical causes (macroeconomics, international tensions, China, etc.), and structural causes (pricing strategies, supply, experience). The two have overlapped.
The sum of inflation + cost of living + fatigue from price increases
Luxury goods have seen their prices rise dramatically in recent years. Sometimes to keep pace with real inflation, sometimes to reinforce exclusivity, and often to increase profit margins. For an aspirational buyer, luxury is no longer a reasonable expense; it has become a disproportionate one.
And when unavoidable expenses rise (housing, energy, food), discretionary purchases are the first to be cut. Yet this clientele thrives on making trade-offs: they don't buy at any cost. The desire may still be there, but the frequency decreases, and then the habit fades.
Luxury has sometimes confused exclusivity with inaccessibility
Exclusivity is an art. Inaccessibility, a short-term strategy. Many brands have given the impression that the aspirational customer has become a second-class client: less attention, less warmth, less service, less time. But the aspirational customer doesn't just buy a product: they buy a moment, a status, a story. If the experience is impersonal, the magic fades.
The shift towards experience: traveling rather than buying
In recent years, a portion of leisure spending has shifted towards experiences: travel, concerts, gastronomy, and wellness. This is particularly true among younger generations, who value lived experiences, sharing, and the present moment. Bain also observes consumers reducing the frequency of their purchases, opting for smaller indulgences, or redirecting their budget towards experiences and pre-owned goods.
Second-hand is no longer a plan B: it's a premium option
The pre-owned luxury market has become more professional and premium, and it effectively meets the aspirational need to own a beautiful, sometimes iconic, piece at a more affordable price. Some studies even explicitly recommend developing the pre-owned market and rebalancing the entry-level segment to re-engage these customers.
The perceived value equation has broken down
When a price goes up, the customer accepts it… if they understand why. But the perception of overpriced luxury has become widespread. Bain notes that customer satisfaction has declined, with a very clear difference in perception among Gen Z, and frustrations surrounding a perceived less convincing value-for-money ratio.
It's not just a question of materials or manufacturing: it's a question of overall consistency (quality, service, story, evidence).
A model that is too dependent on top clients becomes fragile
The paradox is that focusing on the best customers has been effective… up to a point. Bain estimates that the luxury customer base shrank by approximately 50 million between 2022 and 2024, and highlights the growing power of high-value customers: just over 2% of customers account for 45% of purchases.
That's staggering. And risky.
Because if you build growth on a fraction of customers, you become dependent:
- of their mood,
- of their geographical exposure,
- their trust in the brand,
- economic cycles that affect their assets.
And above all, you're stifling renewal. A brand thrives on heritage, yes, but also on transmission. Aspirational customers are often the first step.
Reclaiming without betraying oneself: the real challenge
Reclaiming doesn't mean doing promotions. It means rekindling desire and reopening the path, without diluting the DNA.
Here are the most credible levers (and, above all, compatible with a luxury logic).
Rethinking the entry-level market: accessible doesn't mean cheap
An entry-level option that works in the luxury market is:
- a desirable product in itself
- a distinctive gesture
- genuine quality
- a recognizable signature.
Not a loss leader that feels like a compromise. The goal isn't to lower the image, but to offer a first experience that makes people want to go further.
Rehabilitating Small Luxury: Smart Pleasure Shopping
The aspiring buyers haven't disappeared: they've changed format. They may forgo the big purchase, but accept: an accessory, a perfume, an entryway jewel, a nice pair of glasses, a customizable item.
This accessible luxury segment is regaining vitality, according to Bain, which describes it as one of the most dynamic in recent times.
It should be treated as a strategic territory, not as a corridor to the exit.
Putting the boutique experience back at the center (and not just for VIPs)
While aspirational customers make up the majority of visits, the store must once again become a welcoming space, not an intimidating entryway. Recent recommendations emphasize the reinvention of retail concepts to put the customer experience back at the heart of the business, after years of focusing on high-value, low-impact (HCI) customers.
This can be achieved through: warmer spaces, immersive storytelling, hospitality services (appointments, diagnostics, trials, rituals), cultural activities (artisans, exhibitions, collaborations), and improved fluidity (less waiting, more attention).
And yes: some brands are already doing it, with redesigned and more experiential flagship stores.
Digitizing without trivializing: luxury should be simple, not simplistic
Aspirational customers are digital natives . They compare, they explore, they read reviews, they watch content. If the online experience is frustrating (unclear stock levels, opaque delivery, slow customer service), they sometimes turn to more efficient, non-luxury premium brands.
Reclaiming customers means: impeccable e-commerce (photos, sizes, returns, delivery times), digital clienteling (advice via chat/video, appointment booking), hybrid experiences (book online, try in store), and editorial content that educates and fuels desire.
Investing in second-hand goods and repairs as brand services
Pre -owned is no longer a competitor: it's a territory. The challenge is to regain control over: authentication, quality, repair, warranty, traceability.
And to turn it into a premium service : buyback, trade-in, certified consignment, workshop, maintenance. It's also a direct response to sustainability expectations, without resorting to greenwashing.
Speaking the truth: transparency, evidence, and an end to empty promises
Young consumers don't buy into a message, they buy into consistency. They want to understand: what justifies the price, how it's made, where it's made, what the brand truly stands for.
Transparency is not anti-luxury. It can become a luxury in itself: the luxury of authenticity, expertise, and proof. When the customer sees, understands, and feels, they are more accepting.
Rebalancing communication: less status, more desire
Luxury has sometimes talked too much about social advancement, and not enough about pleasure, beauty, culture, style, and creativity. But aspirational people don't want to be judged: they want to be swept away.
Reconquering means putting back: creativity, quality, cut, material, gesture, real rarity (not just price rarity) at the center of the promise.
To nurture the relationship, even in small frequency
Not everyone will be a VIP. But everyone can be treated with respect. A customer who buys a perfume today might buy a major piece in two years… if she feels valued.
This implies: an intelligent CRM database (without being intrusive), tailored attention (content, invitations, appointments), high-quality customer service, and omnichannel consistency.
Luxury needs to become excellent again in small interactions, not just spectacular in big shows.
The future: a clearer understanding of luxury in its choices
The lesson of recent years is that automatic growth no longer exists. Luxury must choose its model: ultra-elite, aspirational volume, or hybrid. The hybrid model can work, but it requires surgical precision: a clear product range architecture, consistent service levels, differentiated experiences, and aligned messaging.
And above all: he insists on not despising the dreamer. Because it is often he who, tomorrow, becomes a loyal customer.
Bain forecasts a generally stable to slightly eroded market for personal luxury goods by 2025 (depending on the scenario), and emphasizes that the consumer base continues to shrink in the short term, forcing brands to refine their value proposition and customer relationships.
The focus will shift less from selling at higher prices and more from selling better.
Reclaiming is not about going back, it's about becoming desirable again
Aspirational customers have n't stopped loving luxury. They've stopped feeling like guests. Between inflation, successive price increases, a sometimes degraded experience, and smarter alternatives (second-hand, affordable premium, experiences), they've taken a step back.
The reconquest will come through a more precise form of luxury: more demanding in terms of quality, more generous in the experience, clearer in its value proposition, and more adept at accessibility. A luxury that embraces exclusivity, but understands that one can be exclusive without being closed off.
Because ultimately, luxury doesn't collapse when people run out of money. It collapses when people lose their reason to believe in it.
