Editor’s Note
This analysis highlights a market in transition, where underlying structural shifts have not yet disrupted overall stability. The divergence in regional performance underscores the importance of localized strategy, even as global trends like the prioritization of experiences and value-consciousness take hold.
The data confirms that the market is holding steady, despite significant structural changes. Consumer preferences continue to favor experiences over products, and the relationship between price and value is becoming increasingly important. Regional market performance varies greatly. The Middle East shows steady growth (+4/-6%), while North and South America show a slight recovery (+0/-2%) driven by increased domestic consumption and average purchase amounts. On the other hand, Europe is slowing down (-3/-1%), and China remains sluggish (-8/-6%). Japan is also sluggish (-8/-6%) after a strong performance in 2024. Results by category also differ significantly. In personal luxury, jewelry (+4/-6%) and eyewear (+2/-4%) are performing well, while leather goods and footwear (-7/-5%) are declining. In the automotive sector, sales volumes are down across all segments, with high-end sports cars being the most resilient. The yachting sector is growing, and furniture design is stable, while fine wines and spirits are struggling, except for premium sparkling wines and Italian reds. The Altagamma Consensus forecasts growth for the luxury segment in 2026 at around 5%, in line with long-term forecasts (+4/-6%).
The United States has overcome the impact of tariffs and maintains its position as a benchmark market, while the Middle East remains stable, supported by tourist inflows and international real estate investment. Europe shows solid resilience despite political and economic crises in France and Germany, with Spain standing out due to low energy costs and proactive management of immigration. Asia and China are achieving slow growth, with signs of recovery in China after the real estate crisis.
Remains a priority; despite a weaker dollar, the market is expected to grow by 4.5%, and consumers by 5.5%, driven by travel and stock market sentiment.
The luxury market is expected to see a slow recovery (up 4%), with consumer spending by High-Net-Worth Individuals (HNWI) increasing by 3.5%, though interest in experiences over products remains high.
Growth is forecast at 4.5%, driven by the rise of a new luxury-oriented elite and the opening of new stores in Brazil and Mexico. The rise of local currencies also supports domestic consumption.
Continues to be a key market, with 6% growth expected. Abu Dhabi is emerging as a new luxury hub, following Dubai (which saw a 46% increase in tourists in 2025 and a concentration of wealthy individuals).
Is achieving growth thanks to real estate investments. And the rest of the world is expected to grow by 4.5% in 2026.
Among the categories, jewelry maintains strong performance, bolstered by the doubling of gold prices over the past five years, solidifying its status as a true safe haven and investment. Branded jewelry is also growing, and watches could turn positive again after a period of normalization in 2025.
Shows slow growth (+3%), affected by price increases and a decrease in Chinese tourists, while leather goods show brighter signs (+4%), with bags maintaining a certain appeal as an investment.
Cosmetic brands focusing on longevity and wellness are growing slowly (+4%), maintaining strong performance online as well. Support from younger consumers is also increasing. Demand for niche fragrances remains high, and South Korea is solidifying its leading position in skincare. Technology is playing an increasingly important role in the beauty sector.
Slow growth of 4% is expected, but polarization of growth among brands is evident. High-end consumers are seeking more affordable items, while some fast-fashion brands are pursuing an “elevation” strategy. In the high-end fashion segment, the introduction of more accessible price points is expected to increase sales volumes.