[Analysis] The luxury market is regaining its balance, but customers are looking for more than just status

After a difficult 2025, the global luxury market is gradually stabilizing this year, but consumer behavior is undergoing a fundamental shift. Luxury is less about ownership and status, and increasingly about meaning, experience, and personal relevance. This is evident from the latest spring update to Bain’s luxury report.

A new rhythm

In 2025, global luxury spending reached 1,443 billion euros. For 2026, Bain & Company expects a total of 1,440 to 1,470 billion euros, representing growth of 0 to 2% at constant exchange rates. The market for personal luxury goods—such as fashion, jewelry, watches, leather goods, and beauty—declined by 2% at current exchange rates last year to 358 billion euros. This year, Bain anticipates a recovery of 2 to 4%, reaching 365 to 373 billion euros.