Luxury brands could be facing their biggest setback in 15 years, according to a report published by Bain & Company and Italian luxury goods industry association Altagamma on Thursday. Another challenge for the luxury market is Gen Z, a demographic with growing skepticism toward luxury goods, according to Bain. Bain estimates that spending on personal luxury goods could be on track for a "continued slip." In a worst-case scenario, Bain estimates the market for personal luxury goods could shrink by 5% to 9%. Some areas of personal luxury goods are also thriving.