The world’s luxury-goods market stopped growing this year, according to a forecast from researcher Bain & Co., as the industry struggles to emerge from one of its weakest periods since the global recession.

The luxury market is entering a slower “new normal”, said Claudia D’Arpizio, head of Bain & Co.’s luxury division. The top of the market “will not have an enormous number of new consumers coming up in the near future.”