The World Is Changing. Can Fashion Keep Up?.

01 Why it matters.

McKinsey’s most current analysis of the global fashion landscape — June 2026 — and the data it contains is genuinely fresh and consequential. The key findings include: jewelry is growing at 4%+ annually, approximately four times the rate of clothing; approximately 80% of luxury consumers now use AI tools for product discovery; McKinsey Senior Partner Holger Harreis describes agentic AI as “as profound a structural shift as the advent of online commerce”; and affordable luxury is the fastest-growing segment as consumers demand demonstrated value.

This report is the primary source for our analysis of where the luxury market is heading in 2026 and beyond. It provides the data behind the jewelry-as-new-handbag thesis, the agentic AI argument, the wellbeing-as-new-luxury observation, and the strategic reset framing that grounds several of our most current case studies and insights.

02 Key takeaways.

1. 01 Jewelry is growing 4%+ annually — approximately four times the rate of clothing — driven by perceived store of value and individuality through stacking.
2. 02 Approximately 80% of luxury consumers now use AI tools for product discovery; the customer relationship is migrating toward agentic commerce.
3. 03 Agentic AI represents a structural shift in how consumers discover and purchase fashion — “as profound as the advent of online commerce.”
4. 04 Wellbeing has become a global consumer priority that is reshaping luxury spending — “luxury is going to be about becoming a better version of yourself.”
5. 05 The top 20 companies in the McKinsey Global Fashion Index generate 92% of economic profit — concentration is extreme and widening.

03 Used in our research.

1. 01 InsightThe World Is Changing. Can Fashion Keep Up? (McKinsey June 2026)
2. 02 InsightAgentic AI Is Coming for the Customer Relationship
3. 03 InsightJewelry Is the New Handbag: Why the Category Is Winning the Decade
4. 04 InsightWellbeing as the New LuxuryComing soon