2026年全球奢侈品力量报告-

Global

Powers

of

Luxury

2026Global

Powers

of

Luxury2026

|

ContentsContentsForeword

03Executive

Summary

052026

Luxury

outlook

06Consumertrendsshaping

luxury

06Luxury

outlook

09Companies,

expectations

12Top

priorities14Topgrowth

opportunities

16Majorfinancial

investments

17GenAI

adoption

in

Luxury:

poised

between

assessment

and

implementation20Areaswithgreatest

potential

of

AI

implementation

23Focus

on

India

25Next

5yearstrendsandgrowth

prospects

26Majortransformative

impacts

26Futuregrowth

levers:fromtransactionto

relationship

29Sustainability

32Methodology

35Contacts

36Endnotes

3702Global

Powers

of

Luxury2026

|

ForewordForewordForteneditions,theGlobal

PowersofLuxury

report

has

mappedthe

industrythroughthe

lens

offinancial

statements,an

essentialcompassto

understandwho

performed,where,andwhy.Butfinancialstatements,

bydefinition,tell

uswhat

happened.Thisyear,wefeltthe

needto

innovateanddecidedthatadifferent

lens

could

add

morevaluefor

leaders

by

helpingthem

sense

the

moment,

not

justauditthe

past.We

havethereforechangedthe

methodologyand

movedtoaforward-lookingstudy

grounded

in

a

survey

involving

420

C-suite

andseniorexecutivesacrosstencountries.All

respondentsweredirectly

responsiblefor

or

exerted

significant

influence

onmajorstrategic

initiativeswithintheirorganizationsspanning

key

Luxurysectors:Apparelandfootwear,

Bags

and

accessories,

Jewelry,Watches,

Beautyand

Hospitality.Their

perspectives,onconsumers,growth,

risk,technologyadvancements,sustainability,formthe

backboneofthisedition.Wealso

broadenedthestudyscopeto

include

hospitalityas

luxurytoday

lives

as

much

inthe

experience

as

inthe

product.The

boundaries

between

personalgoods,

places,and

platformsaredissolving;value

isoftencreatedwherethey

meet.Luxury

has

long

beenabout

morethan

products.

It

isaboutconnection:

between

brandsand

people,craft

and

technology,heritageand

reinvention.

Inaworldthatfeelsfasterand

moredemanding,

luxury

is

being

askedto

do

something

harderthan

ever:create

intimacyand

buildsignificance,

not

justscale.The

pastfewquarters

have

beencomplicated.Afterthe

post-pandemicsurge,the

industry

has

navigateda

pullback

ofaspirationalconsumers

undercost-of-living

pressuresandaseries

of

headwinds:

normalizingtouristflows,globaltensions

and

tariffimpactsshapingsupplychains,tightening

regulation,and

uneven

demand

in

China.Againstthis

backdrop,theexecutive

interviews

highlighta

new

phasefor

luxury:stabilization.The

monthsaheadare

expected

to

beabout

rebuildingstabilityandtrustwithconsumers,favoring

productivity,

loyalty,and

durablevalue

over

short-termvolume.Luxury’sfuture

isanticipatedto

bewon

by

beingtruer:clearer

in

purpose,sharper

inexecution,

closer

to

the

peopleyou

serve.IdaPalombellaGlobal

Fashion&Luxury

Co-LeadDeloitteItalyKatie

WeirGlobal

Fashion&Luxury

Co-LeadDeloitteGlobal03Global

Powers

of

Luxury2026

|

Executive

Summary04Luxury

executives

expect2026to

be

driven

less

by

volume

andmore

byvalue.Two-thirds

ofexecutives

expect

revenuesto

holdor

riseandan

even

largershareanticipate

stable

or

improvingmargins,signalingayearwhere

pricing

power,

product

mix,and

operational

discipline

drive

the

performance.This

outlooktranslates

directly

into

expected

investment

choices

concentratingwhere

brandappeal

buildsand

returnsaccelerate:

brandandmarketexpansion,digitalacceleration,andomnichannelandcustomerexperience,

withtalent

andsustainability

positionedas

enabling

drivers.The

focus

now

stretches

well

beyond

justdeveloping

e-commercetothe

enterprise

integration

ofdata,artificial

intelligence(AI),andautomation,turning

physicalflagshipsintotheatrical,

insight-driven

destinationsthataimto

converttraffic

into

loyaltyand

content.The

emphasis

onvalue

overvolume

is

directly

drivingthe

re-evaluation

of

store

footprint

and

expected

returns.

Companiesare

raisingthe

bar

on

capital

deploymentand

prioritizingflagshipqualityand

unit

productivityahead

ofadditional

openings:

morethan

one-third

of

executives

surveyed

plan

to

reduce

capitalexpenditure

and39.3%

expect

store

network

optimization,whilethe

majority

plan

priceadjustments,suggesting

pricingastheprimary

stabilizer

of

profitability

in

a

slower-demand

environment.

Thegrowth

agendafollows

naturally:

reengagethecustomer.Customer

experience

and

loyalty

lead

as

the

top

opportunities,ahead

ofmergersandacquisitions(M&A)/adjacencies

expansionand

researchand

development(R&D)

innovation.The

emphasisshifts

on

expanding

value

per

customer—frequency,

basket,and

lifetimevalue—anchored

in

high-touchservice,access,andcommunity.Use

ofGenerative

AI(GenAI)movesfrom

initial

stages

ofcuriosity

and

explorationtoexecution.Adoptionsplits

betweenassessmentandselective

implementation,with

roughly

one

inten

executivesalready

embeddingthetechnology

in

corefunctions.

Expectedimpact

ofAI

is

balanced

across

product/design,marketing/advertising,customerengagementandpersonalization,and

supply/demandandinventoryintelligence,signaling

integrationacross

the

value

chain.Demand

continuesto

movefromproductstoexperiences:travel,

hospitality,

and

immersive

retail.

In

parallel,

pre-ownedhas

maturedfromaside

markettoa

businessto

monitor

closely:certified

programs

and

platform

alliances

now

support

acquisition,loyalty,and

circularity,aligningvalue

consciousnesswithresponsible

consumption.Looking

five

years

out,growth

re-configures

around

channels

andecosystems:

mainstreame-commerceanddirect-to-consumer

asfirst-party

data

infrastructure;

social/shoppablecommerce

to

fuse

culture

andtransaction;

lifestyleadjacencies

to

extendthe

brand’s

emotional

perimeter;

and

co-branding

to

refresh

codesand

unlock

new

demand

pools,with

conversational

commerceemerging

as

a

credible

accelerator

as

AI

matures.Sustainability

shiftsfromreportingand

governancetoredesign

thevaluechain.Executives

prioritize

R&Dandinnovationand

circularityandlifecyclemanagementahead

ofcompliance.Transparencyisthe

enablingsubstratumthat

makes

everything

else

investable

and

scalable,with

DigitalProductPassportsand

blockchain

enabledtraceability

movingfrom

pilotsto

infrastructure.Executive

SummaryGlobal

Powers

of

Luxury2026

|

Executive

Summary050%10%20%30%40%50%60%70%80%90%100%

Increasingdemandforpersonalizationanddigitalexperiences,tailoredservicesby

datasharing

Shifttowardexperientialluxury

Growthof

thepre-ownedand

value-drivenmindset

Reducedluxuryspendingduetoinflation,tariffs,cautiousconsumers

EvolvingdemographicsandvaluesFigure1

|Source:DeloitteGlobalPowersofLuxury20262026Luxuryoutlook Consumer

trendsshapingluxuryExecutivesacross

theluxuryindustryagreeonaclearhierarchyof

consumer

trendsdefining

thenext12months.Foremostisasurgeindemandforhyper-personalizationanddataenabled

services,asluxuryclienteleseek

tailor-madeexperiencesateverytouchpoint.

This

is

matched

by

the

continuing

rise

of

experientialluxury,anelevationofimmersiveexperiencesoversimpletransactions.Equally

prominent

is

a

growing

pre-owned

andvalue-consciousmindsetamongconsumersthatreflectsboth

sustainability

valuesandeconomicpragmatism.Overlaying

thesetrendsisatoneofmacroeconomiccaution.Highinflation,tariff

uncertainties,andotherheadwindshavetempered

theindustry’sexuberanceover

thepast

few

years.

Thepost-pandemiceuphoriaof

2021–2022has

given

way

to

a

more

measured

reality

in

whichexecutivesanticipateacautiousconsumerbuffetedbypersistent

inflation,ratehikes,andglobaluncertainty.Thesestructural

factors,alongside

theexpectationsof

GenZ,whodemandauthenticity,sustainability,andseamlessdigital-to-

physicalengagement1,are

fundamentallyreshapinghowbrands

engage

their

globalaudiencesacrossmajormarkets,

fromEurope

to

Asia.ExpectedconsumerbehavioursinfluencingFashion&Luxuryindustryoverthenext12-18monthsTotalEuropeUnitedStatesMiddle

EastAsia26,7%20,0%20,0%20,0%13,3%40,0%16,0%18,0%18,0%8,0%29,2%19,6%21,6%20,8%8,8%43,3%23,3%12,2%13,3%7,8%33,3%20,0%19,0%18,0%8,8%GlobalPowersofLuxury2026

|2026Luxuryoutlook06Luxury

houses

are

therefore

shifting

from

transactiona|

retai|toimmersive

brand

experiences,focusing

investmentontheatrica|flagships

and

experience-led

formats

such

as

galleries,

cafés,museums,trave|ing

pop-ups,and

photo-friend|y

insta||ationsthatturn

visits

into

cu|tura|

events.

ln

China

and

e|sewhere,this

oftencoincides

with

pruning

underperforming

stores

whi|e

e|evatingafew

iconic

|ocationsthatanchorthe

brand

narrativeand

drawhigher

value

traffic5

.

Experientia|

|uxury

now

extends

beyondfashion

stores.

Brands

are

opening

refined

dining

spaces

andcafés

to

project

a

curated

lifestyle;staging

interactive

exhibitionswithARtry-onsand

digital

mirrors;and

creatingallianceswithcomp|ementary

brands

on

hybrid

retai|-entertainment

hubs

inhigh-trafficvenuestosurpriseand

delight.

Even

highwatchmakingandfinejewelryare

embracing

invitation-onlyateliers,masterc|asses,and

ga||ery-sty|e

previews

that

spot|ight

craft

andcu|ture

ratherthanfocusing

justontransactions.Thecommonthread:

memorab|e,shareab|e

moments

that

deepen

engagementand

convert

curiosity

into

|ong-term

|oya|ty.Theseefforts

recognizethat

modern

luxuryconsumersseekemotions

and

enrichment

from

brands.After

the

post-pandemicboom,

persona|

|uxury

products

sa|es

are

norma|izing,whi|eexperiential

categories,

includingtraveland

hospitality,grew

by

8%to

$103.4

bi||ion

in

20256

.Consumers

did

notstopspending;theyshifted

what

they

spent

on.

Leaders

in

the

industry

appear

to

seethisas

a

|ong-term

evo|ution.Pre-OwnedLuxuryandthe

ValueMindsetOver

the

next

year,

|uxury

executives

envision

the

norma|izationofthesecond-hand

market,acknow|edgingthat

consumers

nowfree|y

mix

new

purchaseswith

pre-owned

|uxury

items.Thistrend

is

driven

bystrong

demandforsustainabi|ity,

product|ongevityandtangib|e

investmentva|ue,and

is

powered

bygrowththat

outpacesthe

primaryglobalapparel

market

by

2.7times(reaching

$367

billion

by

2029)7.Companies

are

responding

on

two

fronts:•

ln-house

contro|andauthentication:

brandsare

increasing|ybringing

resa|e

in-housewith

repair,

refurbishment,

product

careservices(68.3%)and

certified

pre-owned

programs(53.8%).

Byauthenticating

and

offering

guarantees,they

transform

resaleintoa

contro||ed,

premium

channe|.As

demandacce|erates,expanding

e|igibi|ityto

newer

pieces

he|ps

createasteadytrade-in

|oop,

preserving

brand

qua|ity,

pricing

discip|ine,andthe

directcustomer

re|ationship.•

Strategica||iancesandacquisition:

majorgroups

are

active|ycollaboratingwith,

or

investing

in,

resale

platforms(44.5%).Thissuggests

that

younger,sustainabi|ity-minded

shoppers

oftenbegin

their

|uxury

journeys

on

these

apps,

making

the

strategica||iance

routea

crucia|strategictouchpointfor

new

customeracquisition,

|oya|ty

bui|ding,and

circu|arity.These

two

approaches

are

not

competing

and

formcomplementary

layers

ofa

new

circular

ecosystem.

Brandsarefundamenta||y

shifting

their

ro|e

from

simp|e

se||ers

to

curators

ofthe

entire

product

|ifecyc|e.Personalizationinthedata-drivenageLuxury

executives

a|most

universa||y

point

to

persona|izationas

the

top

consumer

trend.

ln

an

age

ofAl

and

a|gorithmicrecommendations,

high-end

consumers

have

cometo

expectservices

and

products

finely

tuned

to

their

personal

tastes.Arecent

Deloitte

Italysurvey

on

Brand

Connection2

showedthat

in

|uxury,

most

consumers

expect

tai|ored

products,services,andcommunications(57.9%)andfeel

more

connectedtoa

brand

whencontent

matches

their

interests(56.0%).

The

trend

is

strongerinthe

UAE(personalization

80.2%;

connection76.8%),

followedby

China(69.9%;

69.5%).

Europe

is

more

moderate

but

engaged(54%

expect

personalization;

51.4%

link

itto

higher

engagement).Personalized

ads

positively

influence

perceptions

and

purchasechoicesfor

56.3%g|oba||y-

peaking

inthe

UnitedArab

Emirates(77.2%)andthe

United

States(67.3%),versus

50.7%

in

Europe.lnterest

in

in-store

persona|izedads

is

highestwhere

omnichanne|isadvanced:

UAE70.6%,

US

55.2%,

Europe40.9%

.

Consumerscrave

tangible

benefits

from

sharing

their

preferences.Companiesare

responding

byweaving

data-enab|edpersona|ization

into

both

digita|and

physica|

rea|ms.

Luxurybrandsare

rebui|ding

re|evancewithyoungeraudiences

bydoubling

down

on

data-driven

personalization.

Beyond

classicservices(monogramming,

made-to-order,

bespokestyling),they,re

integrating

customer

data

p|atformsandAl

mode|stoanticipate

tastes

and

contexts,

orchestrate

1:1

communication,and

suggest

product

combinations

a|igned

to

each

shopper,s

sty|e.In-store,

clientelingapps,

QR

codes,

Near

Field

Communication(NFC),and

real-time

inventory

enabletailored

experiences(e.g.,appointments,

pick-up,

repairs,

personalized

capsules),while

online,Augmented

Reality(AR)try-onsand

configuratorsbring

craftsmanship

into

digital

channels.

Research

shows

thatexperience-driven

businesses

report

higher

retention,

repeatpurchase

rates,average

order

va|ues.

Higher

customer

|ifetimeva|ue3

and

higher

|oya|ty4

.Across

the

industry,simi|ar

moves

are

common:Al

chatbotssuggest

just-right

products

in

on|ine

boutiques,andsa|esassociates

armed

with

Customer

Relationship

Management(CRM)tablets

recall

a

customer’s

preferences.

Inthe

Middle

East,persona|shopping

|ounges

in

department

stores

use

data

aboutpast

purchases

to

|ayout

se|ections

tai|ored

to

each

VlP

customer.This

deep

|eve|

ofpersona|ization

not

on|y

drivessa|es

but

can

he|pbui|d

trust,a

critica|factor

as

privacy-conscious

customers

weighthe

pros

and

cons

of

sharing

persona|

data,and

to

what

extent.When

done

right,

persona|ization

can

becomeavirtuous

circ|e:data-driven

tai|oring

makes

customers

fee|seen

and

va|ued,whichinturnfosters

|oya|tyand

higher

|ifetimeva|ue.ExperientialluxuryisheretostayExecutives

from

Parisian

maisons

to

Asian

|uxury

ma||s

describean

experience

imperative.Today,s

consumers-especia||yyounger,g|oba||y

minded

ones-seek

immersion,storyte||ing,andinteraction.This

has

|edtoawave

ofexperientia|

concepts

in

|uxuryretai|and

hospita|ity.Global

Powers

of

Luxury2026

|

2026

Luxury

out|ook07This

transformationissupportedbyconsumerattitudes:pre-ownedis

viewedassmartand

value-conscious,elevating

theappreciation

for

timelessdesign,craftsmanship,anddurabilityover

fast-turnover

trends.The

growthofresalehas

thepotential

toredefineproductownership

fromaone-time,linearsale

toamanaged,circularlifecycle.Luxurybrandsmustembrace

thisopportunityby

treating47,6%76,4%51,9%

38,9%31,7%

38,1%43,9%

26,3%50%60%70%80%theirheritagesasliving,circulatingassets.

Thestrategicchallenge

is

tomovebeyondmereacknowledgmentandstructurallycommit

toend-to-endproductresponsibility.

Thisactionhelpsensurethebrand'spromiseof

timelessness

genuinelyconnects

withand

servesmultiple

generationsof

consumers.Repair,refurbishmentandproductcareservices

Consumereducationandcommunityengagement

Noneof

theaboveCertifiedpre-ownedandtrade-inprograms

Brand-ownedorthird-partyresaleplatforms53,8%76,4%40%44,5%85,4%37,0%68,3%24,6%90%TotalApparel&footwearBags&

AccessoriesJewelryWatchesTypeofsecond-handorpre-ownedstrategiesluxurycompanieshaveinplace1,4%3,5%4,8%100%68,3%87,6%87,0%GlobalPowersofLuxury2026

|2026LuxuryoutlookFigure2

|Source:DeloitteGlobalPowersofLuxury202690,5%30%77,2%20%10%0%08Figure

3|

Source:

Deloitte

Global

Powers

of

Luxury

2026

LuxuryoutlookAccordingtothesurvey

results,despitetheslowdown

indomesticgrowth

witnessed

inthe

past

couple

of

years,

Chinamaintainsa

pivotal

role

intheglobal

luxury

marketand

luxuryexecutivesstillexpect

itto

bethe

main

driver

of

luxury

consumption

in

2026globally.

Its

influencestems

notonlyfrom

itscurrentsalesvolume

butfrom

itsanticipated

structural

role

asthe

major

future

growth

engineandthe

increasingsophisticationofitsconsumers.Regionsthatareexpectedtodrivethestrongestgrowthinluxuryconsumptionoverthenext12months19,3%ChinaJapanisexpectedto

bethesecond

most

relevantcountrycontributingtothegrowth

in

luxuryconsumption.Aweakyen

isdrawingforeignshoppers,especiallyChinesewhofind

significant

priceadvantages.Thisexternalgrowth

is

reinforced

byadiscerningdomesticconsumer

basethatvalues

exquisite

craftsmanshipand

heritage,

helpingtoensuring

high

resilience

andsustaineddemand.The

Middle

East

is

expected

to

be

the

third-largest

enginefor

luxuryconsumptiongrowthglobally,a

momentumthatappearssubstantially

influenced

bythe

repatriationofhigh-end

spendingas

majorcapitals

like

Dubaiand

Riyadh

invest

heavily

inelevatingtheir

local

retailand

luxury

hospitalityecosystems.

Thisexpanding

market

may

beviewedasaclear

manifestation

ofayoung,wealthy,anddigitallyengagedconsumer

basethat

increasinglyappearsto

prefershoppingdomesticallyratherthantravelingabroad,cementingthe

region'sstructural

importancetoglobal

luxury

brands.India'sluxury

market

is

poisedforgrowththanks

in

partto

itsbooming

populationofHigh-Net-Worth

Individualsanda

large,aspirationalyouthdemographic.Thisexpansion

isalsofueled

bystrongeconomicgrowth,

increasingglobalexposure,andthe

rapiddevelopmentoflocal

luxury

retailand

e-commerce

infrastructurethat

helps

makes

high-end

products

moreaccessibleacrossthecountry.Europesuccessfullycapitalizeson

its

positionasthe

modern

homelandofluxury

brands,attracting

high-spendingtourists

whoseek

boththegenuine

brandexperienceandthefinancial

advantageofbuyingdirectlyatthe

source.

Marketgrowth

is

stronglyfueled

bythis

internationaltouristspending,whichbenefitsfrom

pricearbitragecomparedto

buyers'

home

markets,suchas

NorthAmericaandAsia.Thisdynamicreinforces

Europe,

notonlyasaguardianof

heritage

and

high-endcraftsmanship,

butalsoasaglobalfocal

pointfor

purchasingexperientialand

high-end

luxury.7,9%North

America0,5%SouthAmerica9,0%Europe17,9%MiddleEastGlobal

Powers

of

Luxury2026

|

2026

Luxury

outlook11,9%India19,0%Japan0,2%

AfricaPacific

MarketsOther

Asia14,3%0918,6%17,4%9,3%

9,0%5,0%

4,5%Whenaskedaboutthe

luxurysegmentthatwillgrowthemostoverthe

next

12

monthsthesurvey

respondents

painta

picturethat

pointstoacontinuedshifttowardexperiences

over

products,with

responsesthatclusteraroundTravel.

More

moderateexpectationsfor

BeautyandApparelandfootwear,

while

lowersharesareexpectedfor

Finedining/food/beverage

and

Leathergoods.Luxurycategorywiththestrongestexpectedgrowthoverthenext12months36,2%The

pattern

isconsistentwith

DeloitteConsumerSignals8

global

datathat

have

highlightedsince2023acontinued

shifttoward

experiencesandservicesover

products(asshown

infigure5).Globalconsumers

have

beenshowinggreaterwillingness

tospendontraveland

hospitality

ratherthanother

product

categories.North

America

is

a

mature

market

where

high-net-worthconsumersare

increasinglydoingtheir

luxurygoodsshopping

abroad,

particularly

in

Europe,duetofavorableexchangeratesandValue-AddedTax(VAT)

refunds.Thisspend

is

largely

captured

by

European

markets,

not

NorthAmerican

retail.South

America

and

Africa

account

for

a

minimal

share

of

theglobal

luxury

market,withthe

region’swealthyconsumers

moreengaged

in"luxurytourism,"

purchasinggoodsabroad

ratherthanspendingdomestically.JewelryWatches

Finedining/food/

bever