China’s wealthiest individuals are opting for more discreet fashion to avoid flaunting their wealth, according to a Bain consultancy report predicting the weakest global luxury market since the pandemic. Global sales of high-end personal goods are expected to grow between 0% to 4% YoY, the slowest since 2020. Economic uncertainty in China has led middle-class shoppers to be cautious, and the wealthy are spending more abroad. The trend, termed “luxury shame,” has resulted in a shift away from ostentatious items. Despite a decline in the Chinese market, luxury brands like Hermès, which cater to high-end consumers, have seen gains, while US and European markets show signs of recovery driven by affluent clients and returning tourists.