The luxury market is poised for a big slowdown, but there are some areas where people are still willing to splurge

Aerial view of an overwater bungalow resort in the Maldives.

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• Luxury retailers are facing economic challenges amid a trade war and cultural changes.
• Gen Z's decreased appetite for luxury goods is a major concern for the industry.
• Luxury brands are turning to high-end resorts, cruises, and personalizable goods to woo customers.

It's been a rough year for luxury retailers, as economic headwinds have reduced consumer demand, but there are...