Hit by inflation, once-aspirational luxury shoppers turn into penny pinchers

Shoppers pass a Cartier luxury jewellery boutique in central London. Photo: Bloomberg

Less-affluent luxury shoppers are curtailing their once-frenzied purchases of entry-level products such as Gucci slippers and Balenciaga belts – a sign that the cooling of the global economy is extending to an industry that had repeatedly defied the tumult of the past couple of years.

Among the "entry level or aspirational consumer, we’re certainly starting to see what I would say is a slowdown in the growth,” Marc Metrick, chief executive officer of Saks Fifth Avenue’s online operations, said in an interview.