Jewellery leads all luxury product purchasing categories

A new report from Bain & Company and Altagamma reveals that the global luxury market reached $1.64 trillion in 2025, with jewellery emerging as the top-performing category. While overall personal luxury spending saw a modest decline, specific segments like the Americas and Chinese online sales showed resilience. This shift signals a transition toward a more value-driven relationship between consumers and luxury brands, emphasizing long-term stability over rapid growth.

According to the latest research from market researcher Bain & Company and the Italian luxury goods industry organization Altagamma, the global luxury market reached a total value of $1.64 trillion in 2025. Jewellery led the way as the top-performing category in global luxury spending, surpassing other major segments such as apparel, eyewear, and fragrances. While the overall personal luxury market experienced a modest year-over-year decline, the performance was highly fragmented by region. Sales in the Americas showed growth, and China entered a period of cautious recovery, whereas Europe and the Middle East continued to lag behind.

The report identified specific growth drivers, notably among younger demographics and digital channels. In the United States, consumers under the age of 35 increased their luxury spending by approximately 4 percent compared to older cohorts. In China, the shift toward e-commerce was even more pronounced, with online luxury sales jumping by 25 to 35 percent year-on-year during the first quarter. These trends highlight a significant change in how different age groups and regions are interacting with high-end brands during a period of broader market recalibration.

Looking forward, Bain & Company expects personal luxury spending to grow by 2 to 4 percent in 2026, which could bring the segment's value to $425.44 billion. Claudia D’Arpizio, senior partner and global leader of Bain’s fashion and luxury practice, emphasized that the market is not simply returning to its previous state but is evolving into a new phase defined by consumer meaning rather than just product acquisition. Furthermore, the secondhand market is expected to remain a major force, with approximately 50 percent of luxury consumers now considering pre-owned options before purchasing new items, reflecting a broader shift in the luxury ecosystem.