The current state of the market can be summed up by two trends: a decline in spending at fast-food restaurants and on luxury fashion.

But consumers aren’t shutting their wallets completely—they’re just being more strategic, caught in a constant negotiation between where to save and spend.

Within this middle ground, they’re still finding ways to experience their own version of luxury, whether it’s dining at elevated chains or upgrades that bring a little comfort to travel.

In a new report, we explore this ‘mid-luxe’ market emerging, outlining key priorities and opportunities to connect to a more intentional consumer.