In the middle of Haute Couture Week, an infographic tracking luxury spending surfaced in my Instagram feed. The post, from boutique consulting firm Matter, noted that spending across numerous categories declined last year, including cars (down 4 percent), fine art (7 percent), personal luxury goods (2 percent), etcetera. None of that seemed crazy, given the downturn in sales of soft goods. What caught my eye, though, was the increase in luxury experiences: Ozempic-era dining (up 7 percent), private jetting (11 percent), and even cruises (12 percent). Marketers have been threatening this change for a decade—the result of numerous, probably obvious factors, from the rise of the secondhand market to the fact that we need less in an increasingly virtual world. However, this fundamental change in how consumers operate seems to have finally settled in.