Luxury’s comeback? Why one leading bank thinks the sector is about to rebound Proactive uses images sourced from Shutterstock After two years of disappointing growth, a new report from HSBC argues that luxury’s slowdown is ending. The surprising driver is not just China. It is the US consumer, wealth effects from stock markets, and a long-overdue reset in pricing and creativity. Luxury has had a rough couple of years. Sales growth stalled in 2024 and barely improved in 2025, leaving investors questioning ...