Luxury lost 50 million customers. 70% of them want to return. Here's how to win them back.

"Quality has won over luxury."

That was Saint Laurent CEO Cédric Charbit at the FT's Business of Luxury Summit.

The numbers from Bain are bracing. 50 million customers walked away from luxury between 2022 and 2024. The top 2% of buyers now drive 45% of all purchases. The word "scam" is being used (out loud, by paying customers) about brands that used to feel untouchable.

But here's the stat that's stuck with us all week: 70% of those lost customers say they want to come back. They haven't fallen out of love with luxury. They've fallen out of love with what luxury became when it tried to grow at 20% a year by raising prices and cutting corners on craft.

They're waiting for more meaning, more creativity, more reason to invest.

The brands answering the call are already visible. Matthieu Blazy at Chanel and Jonathan Anderson at Dior, both betting their tenures on creative leadership over commercial templates. Hospitality being the only luxury segment still growing, because buyers are voting with their wallets for experience over objects.

The thread connecting them all is patience.

So, how do you win them back? Do the slower, harder, more expensive thing over the shortcut. Ultimately, customers are willing to pay for craft and consideration.

50 million luxury shoppers want to keep shopping. The question is which brands will be worth investing in.