When people are tired of a trend, it means that it is not far out of date. The luxury industry may be reaching such an inflection point. As a consequence of the logo craze of the 1990s, consumers were not interested in logos for a decade from the beginning of 2000 to the aftermath of the 2008 financial crisis.

In contrast to today’s logo craze, there was a sense of shame about luxury logos. Some wealthy consumers, in particular, think it is unseemly to flaunt their wealth at a time when middle-income groups are losing money. After the economic crisis, many people chose to return to a simple and rational lifestyle, showing little interest in ostentatious luxury goods. According to a data monitor, there was low interest in logos and conspicuous displays of wealth in China and around the world in 2014, with quality, scarcity and authenticity being the reasons for Chinese consumers to spend on luxury goods. Experts say consumers are increasingly looking for one-of-a-kind products, rather than highly discriminating luxury brands such as Louis Vuitton, Gucci and Prada.

At that time, insiders said that researchers once divided Louis Vuitton trademarks into 7 grades from hidden to prominent, with grade 1 being the most hidden and Grade 7 the most prominent. The results showed that the price of Louis Vuitton dropped by $43.90 for every grade of trademark prominence. In luxury brands, the more expensive the item, the more hidden the logo.

In part, the shift stems from high fashion’s emphasis on personal taste and individuality. On the other hand, the poor income outlook has also led to more cautious luxury purchases. Affluent consumers worry that luxury handbags are too obvious and give off a tacky impression. Sarah Quinlan, director of consumer insight research at MasterCard Advisors, said she has clearly observed a reluctance to reveal money.

Richemont CEO Johann Rupert said at the time, “Rich people don’t want to show off anymore, and that’s what really keeps me up at night.” Charles Lawry, an assistant professor at Pace University who specializes in luxury market research, said at the time, “Consumers feel guilty about buying luxury products with logos, and they don’t want to brag about their purchases.”

While the overall luxury market has grown steadily since the end of the recession, several leading luxury brands are struggling, according to Euromonitor. June Haynes, a luxury retail consultant and former Valentino executive, said at the time that consumers were becoming more interested in understated luxury. As the U.S. economy has recovered from the recession, high-income consumers have largely gained wealth, while low – and middle-income consumers have not.

At that time, on the one hand, China’s luxury market limited the purchasing power of luxury goods due to the contraction of consumption. On the other hand, newly wealthy consumers kept broadening their horizons and improving their tastes, and were no longer satisfied with superficial luxury logos.

All of these factors have led to a minimalist fashion trend, with luxury brands going logo-free.

According to Google fashion Trends 2014, Normcore is the most searched fashion keyword. Derived from the English words normal and hardcore, this term shows a bias towards nature and rationality. This style is interpreted as “deliberately wearing very monotonous, featueless” as the theme, while reducing brand recognition, let oneself wear in an ordinary and comfortable state without losing style.