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The Outside View: Could Luxury Help Lead a Moral Renaissance in the U.S.?

Luxury brands searching for Eldorado as growth stalls in China are looking toward the U.S. — home to the world’s wealthiest and nearly crisis-proof elite.  But navigating the American luxury landscape could prove more complex than breaking into what was once seen as “terra incognita” in China for fashion’s European brands.  That’s because the current luxury crisis goes beyond any economic downturn in China and exposes deeper cracks in the industry’s core promise.  Luxury’s Existential Crisis In societies where inequality is soaring, materialism increasingly questioned and younger generations prioritize values over status, luxury must be redefined.  Years of relentless price hikes have frustrated consumers, yes, but the real challenge runs deeper: What is the value of luxury today? The next generation of buyers isn’t chasing status symbols — they’re searching for escapism, belonging, meaning and spirituality. This shift is accelerating in the U.S., where political polarization has turned consumption into a reflection of personal values and identity. It is a transformation being amplified by demographics.  By 2026, Millennials and Gen Z, who lean toward progressive ideals, will represent 75 percent of luxury buyers.  With the U.S. set to become a majority-minority nation by 2045 and nearly 30 percent of Gen Z identifying as LGBTQIA+ — no matter who is

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