For the first time since the COVID lockdowns ended, the luxury market is showing signs of strain, as the aspirational consumers who drove much of the recent luxury spending growth now have decreased savings, and face reduced government support, stagnating wages and higher prices. Consumers have continued to take on more debt to fund both their necessary and discretionary purchases, but signs are pointing to even higher levels of distress. Are travel and the so-called “experience economy” going to be the next areas to face a reduction in spending?