The luxury goods industry is experiencing a downturn, with leading brands facing concerns and second-tier brands struggling even more. According to Bernstein data cited by the Wall Street Journal, brands like Burberry and Saint Laurent are resorting to price cuts to regain consumer interest. Burberry, which had previously increased prices by 58% to enhance brand value, has recently reduced prices on its Knight bag by 22% and overall bag prices by 5%. Saint Laurent has also cut prices on its popular Loulou bags in the US. Burberry’s new CEO, Joshua Schulman, previously led Michael Kors and Coach, hinting at a possible strategy shift towards making the brand more accessible. The overall decline in luxury sales is attributed to reduced spending by the middle class, particularly in major markets like China.