by Christophe Cais
Founder and CEO at CXG and Forbes Council member
The article below is originally published on Journal Du Luxe
In a context of increasing polarization in the luxury market and a profound reshaping of its customer base, luxury houses are being forced to rethink their fundamentals. In this interview, Christophe Caïs, CEO of CXG, analyzes the major shifts currently underway: changing customer profiles, wealth transfer, new geographies of luxury, and a strategic return to the very essence of the luxury experience. An insightful perspective for understanding the keys to luxury performance and longevity, looking toward 2026.
Sandra Robichon
Your study highlights a deeply polarized luxury market, with ultra-wealthy clients increasingly targeted while aspirational customers are retreating significantly. In your view, is this a temporary post-pandemic phase, or a new lasting model for luxury?
Christophe Caïs
This polarization is not a new phenomenon when viewed from a historical perspective. Originally, luxury was reserved for a very small elite before gradually opening up to the bourgeoisie and later to a broader clientele with the rise of major luxury houses.
In the 1970s and 1980s, the massive arrival of Japanese customers marked a decisive turning point. Their enthusiasm contributed significantly to the sector’s growth for more than a decade. From that period onward, luxury began structuring itself around higher volumes, with increased product diversification and more entry points.
What is new today is the clear disengagement of aspirational customers. For the first time, a significant portion of these consumers is leaving the luxury market. Bain & Company estimates that around 50 million aspirational clients have exited the market.
Several factors explain this phenomenon:
In response, many luxury houses are naturally refocusing on their Very Important Client (VIC) segment, which represents 3–5% of customers but accounts for 30–50% of revenue.
However, the risk is neglecting the intermediate segment between aspirational clients and VICs, which actually represents the pool of tomorrow’s high-value clients.
Sandra Robichon
The intergenerational transfer of wealth is often presented as a key factor for the coming decades. How should luxury houses adapt their value proposition to an aging clientele while remaining attractive to new wealthy generations?
Christophe Caïs
We are talking about an estimated $85 trillion wealth transfer between 2030 and 2045, with a particularly strong shift toward women. The challenge for luxury houses is not only to address a clientele whose needs and desires are evolving but also to create a truly intergenerational experience.
When VIC clients invest in luxury, they primarily seek value preservation, transmission, and durability. Watchmaking is a perfect example: a watch becomes a heritage object — a “time keeper” passed from one generation to another. At the same time, younger generations have very different consumption habits. They expect meaning, connection, storytelling, and experiences. Luxury houses must therefore create bridges: bring children into the brand universe, create family rituals, and anchor the relationship over the long term. A good example is Bonpoint’s collaboration with Porsche.
This requires a clear return to fundamentals:
Luxury is a sector where time itself is a value. Clients are willing to wait as long as the experience meets expectations. When luxury gives in too much to the logic of immediacy, it loses what makes it unique.
Sandra Robichon
The rise of young ultra-wealthy individuals in India, Southeast Asia, and the Middle East is reshaping the global luxury map. What does this concretely change for luxury houses in terms of messaging, offering, and customer experience?
Christophe Caïs
The migration of wealth is now very visible and structurally significant. Luxury houses have naturally followed these flows by establishing themselves where wealth is being created.
This clientele is highly mobile and makes purchases worldwide. While expectations of excellence are shared globally, customers remain very sensitive to local cultural codes.
At the same time, another phenomenon is emerging: the rise of local brands that have gained global legitimacy.
Examples include Amouage in the Middle East, Huda Beauty, and several Chinese brands that did not exist on the international stage twenty years ago. These brands are a direct result of local wealth creation and now represent real competition for historic luxury houses.
Luxury houses have realized that a universal approach is no longer sufficient. The sales ceremony cannot be identical everywhere. The experience must be adapted without diluting the brand’s DNA.
At CXG, we speak about an emotional signature: the emotional intention remains universal, but its expression must be local. Often, the “wow” effect comes from very concrete details.
Sandra Robichon
Your study highlights the rise of wellness, longevity, and hospitality as new pillars of luxury. Are we witnessing a redefinition of luxury around a broader lifestyle experience rather than the product itself?
Christophe Caïs
I don’t believe product and experience should be opposed. The two are inseparable.
Some luxury houses will need creativity to create legitimate bridges between their DNA and these new territories. This will likely happen through partnerships, collaborations, or carefully managed brand extensions. The key challenge is to build credible storytelling: why is the brand entering this space, and how does it make sense? Celine’s launch of a sports line sparked a lot of debate. The core question always remains the same: how far can a brand go without losing coherence?
Final Takeaway: Winning in 2026
Sandra Robichon
If you had to summarize this study in one key message for luxury executives, what is the strategic capability needed to remain relevant in 2026 in such a fragmented market?
Christophe Caïs
The key is to firmly re-anchor luxury in a long-term, heritage-driven mindset. Luxury must accept a rebalancing: perhaps slightly lower short-term profitability, but far stronger long-term sustainability. The priority should be brand durability, legitimacy, and the ability to stand the test of time. Luxury will win in 2026 if it returns to its fundamentals, not out of nostalgia, but as a strategic vision.