【Spain】What to Expect from 2026

Unlike other luxury sectors, jewelry is defying the recession. While the global market for personal luxury goods has lost millions of consumers, jewelry continues to grow.

At a time when jewelry is responding to sustainability, digital acceleration, and a profound shift in cultural values, the old codes of consumption are beginning to blur. Age, for decades the primary criterion for understanding the customer, is no longer sufficient.
The current market is defined by what people believe, feel, and wish to express.
Today, all generations are united by shared values, lifestyles, and a common search for meaning. In this context, jewelry transforms into a personal language, an extension of the self, and a symbol of life’s intention. This transformation is happening amidst a period of great economic and geopolitical uncertainty and will define, along with other factors, 2026. Despite the current situation, last year was already a moment of resilience in which jewelry showed not only stability but growth.

We recall that the The State of Fashion 2026 report presented by BoF and McKinsey anticipates a challenging year, with jewelry as one of the main protagonists among industries that are evolving and transforming.
While tariffs redefine the global commercial landscape, the jewelry sector is, according to this report, an emerging category with valuable growth opportunities.
According to The State of Fashion report, the global market for personal luxury goods is projected to grow between 2% and 4% annually from 2025 to 2027. Within luxury categories, jewelry and leather goods (such as bags) are among the most resilient, with estimated growth of 4% to 6% annually for jewelry. In fact,

in terms of unit sales in the coming years, at a pace nearly four times that of clothing. Both fashion and fine jewelry are expected to grow between 5.3% and 5.6% annually until 2028.
Within this category,
the study indicates that fine (or premium) jewelry is especially relevant to the total market value.
An important reason for this growth is the increased demand for branded jewelry, which in 2024 represented 25% of the market and grew 8.3% annually between 2021 and 2024, almost double the 4.3% growth for unbranded jewelry.
By 2025, 61% of consumers consider the brand to be a key factor in jewelry.
This segment can have prices up to six times higher than unbranded jewelry, intensifying competition between traditional luxury brands, fashion houses, and new DTC (direct-to-consumer) companies.

Círculo Fortuny also recently published in Spain the Altagamma report, from the homonymous association in Italy, prepared by Bain & Company,
which forecasts annual growth of between 4% and 6% for the global luxury market over the next decade.
A market that, according to the report, showed strong resilience in 2025, with total spending stabilized at levels similar to last year, at 1.44 trillion euros, despite the context of economic and geopolitical uncertainty and changes in consumer preferences.
Among the different categories,
this report also maintains that jewelry currently leads growth, with between 4% and 6%, driven by resilient demand, emotional appeal, and an increase in customizable designs.
For its part, the watch segment is characterized by greater polarization, according to the study, with good results for high-end watches, although tariffs and price pressures are driving the resale market.
Amidst all this, other scenarios will influence how the jewelry and watch sector evolves throughout 2026, and while uncertainty will remain, opportunities will also continue to arise.

Although sector trade fairs have always been relevant events for industry professionals, in recent years they have solidified as the most important in-person meetings. While serving as a thermometer to analyze the sector’s health, they also generate networking and strength that has grown as the sector transforms.
Thus solidifying definitively. For example,

, the first major appointment for high jewelry in the international fair calendar for 2026, is once again sold out. From January 16 to 20, the Vicenza exhibition center will bring together more than 1,300 exhibiting brands from around the world, once again consolidating Vicenzaoro’s role as a global reference platform for the jewelry industry. Simultaneously, this edition will be the last in the transition to a new era, as VOS 2026 will present the newly renovated pavilion.

Madridjoya is also preparing for a new era after making the strategic decision to hold a single annual edition in September. The organization thus seeks to strengthen the fair, optimize the Madridjoya brand, and concentrate efforts and resources while simultaneously expanding business opportunities and attracting international buyers. The key strategy is to reinforce the presence of brands, designers, and companies, offering an enriching and segmented experience. Priority will be given to attracting international buyers, with special attention to Central and South America. The organization states that

, driving innovation, quality, and international openness to remain at the forefront.