Invisible Dynamics

Consumers are not simply reducing their spending. They are rewriting the hierarchy of what deserves to be preserved. The OECD expects inflation across G20 economies to rise from 3.4% in 2025 to 4% in 2026. The IMF projects global growth of 3.1% in 2026 below recent outcomes and well below the pre-pandemic average. And Bain estimates that only 40%–45% of the potential luxury consumer base purchased personal luxury goods in 2025, compared with approximately 60% in 2022. These