Bain-Altagamma Luxury Goods Worldwide Market Study — Spring 2026 Update.

01 Why it matters.

The Bain-Altagamma Luxury Goods Worldwide Market Study is the industry's standard reference point — the benchmark against which other market analyses are measured.

Global luxury spending reached €1,443 billion in 2025. Personal luxury goods stood at €358 billion, down 2% at current rates, and are forecast to grow 2–4% in 2026 to €365–373 billion under Bain's base case.

02 Key takeaways.

1. 01 The total luxury market was roughly flat globally at approximately €1.44 trillion in 2025 — a sharp deceleration from post-COVID growth; personal luxury goods within it stood at €358 billion.
2. 02 Bain/Altagamma forecast 3–5% growth for 2026, supported by China recovery and US momentum.
3. 03 Jewelry and watches remained the most resilient categories; fashion and leather goods faced the sharpest declines.
4. 04 HNWI consumers drove a disproportionate share of spending throughout the slowdown; aspirational consumers retracted.
5. 05 The industry is in a structural reset — not simply recovering from a cyclical dip — and the brands emerging strongest are those that repositioned toward quality and scarcity during the contraction.

03 Used in our research.

1. 01 InsightThe K-Shaped Luxury Market: Why Hermès Grows While Gucci Falls
2. 02 InsightJewelry Is the New Handbag: Why the Category Is Winning the Decade
3. 03 Case StudyVestiaire Collective: Making Resale Feel Like Luxury