2026年全球奢侈品力量报告-德勤Deloitte

GlobalPowersofLuxury2026

GlobalPowersofLuxury2026|Contents

02

Contents

Foreword03

ExecutiveSummary05

2026Luxuryoutlook06

Consumertrendsshapingluxury06

Luxuryoutlook09

Companies’expectations12

Toppriorities14

Topgrowthopportunities16

Majorfinancialinvestments17

GenAIadoptioninLuxury:poisedbetweenassessmentandimplementation20

AreaswithgreatestpotentialofAIimplementation23

FocusonIndia25

Next5yearstrendsandgrowthprospects26

Majortransformativeimpacts26

Futuregrowthlevers:fromtransactiontorelationship29

Sustainability32

Methodology35

Contacts36

Endnotes37

GlobalPowersofLuxury2026|Foreword

Foreword

Forteneditions,theGlobalPowersofLuxuryreporthasmappedtheindustrythroughthelensoffinancialstatements,anessentialcompasstounderstandwhoperformed,where,andwhy.

Butfinancialstatements,bydefinition,telluswhathappened.

Thisyear,wefelttheneedtoinnovateanddecidedthatadifferentlenscouldaddmorevalueforleadersbyhelpingthemsensethemoment,notjustauditthepast.

Wehavethereforechangedthemethodologyandmovedtoaforward-lookingstudygroundedinasurveyinvolving420C-suiteandseniorexecutivesacrosstencountries.Allrespondentsweredirectlyresponsiblefororexertedsignificantinfluenceon

majorstrategicinitiativeswithintheirorganizationsspanningkeyLuxurysectors:Apparelandfootwear,Bagsandaccessories,Jewelry,Watches,BeautyandHospitality.Theirperspectives,onconsumers,growth,risk,technologyadvancements,

sustainability,formthebackboneofthisedition.

Wealsobroadenedthestudyscopetoincludehospitalityasluxurytodaylivesasmuchintheexperienceasintheproduct.Theboundariesbetweenpersonalgoods,places,andplatformsaredissolving;valueisoftencreatedwheretheymeet.

Luxuryhaslongbeenaboutmorethanproducts.Itisaboutconnection:betweenbrandsandpeople,craftandtechnology,

heritageandreinvention.Inaworldthatfeelsfasterandmoredemanding,luxuryisbeingaskedtodosomethingharderthanever:createintimacyandbuildsignificance,notjustscale.

Thepastfewquartershavebeencomplicated.Afterthepost-pandemicsurge,theindustryhasnavigatedapullbackof

aspirationalconsumersundercost-of-livingpressuresandaseriesofheadwinds:normalizingtouristflows,globaltensionsandtariffimpactsshapingsupplychains,tighteningregulation,andunevendemandinChina.

Againstthisbackdrop,theexecutiveinterviewshighlightanewphaseforluxury:stabilization.Themonthsaheadareexpectedtobeaboutrebuildingstabilityandtrustwithconsumers,favoringproductivity,loyalty,anddurablevalueovershort-termvolume.

Luxury’sfutureisanticipatedtobewonbybeingtruer:clearerinpurpose,sharperinexecution,closertothepeopleyouserve.

IdaPalombella

GlobalFashion&LuxuryCo-LeadDeloitteItaly

KatieWeir

GlobalFashion&LuxuryCo-LeadDeloitteGlobal

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04

GlobalPowersofLuxury2026|ExecutiveSummary

GlobalPowersofLuxury2026|ExecutiveSummary

ExecutiveSummary

Luxuryexecutivesexpect2026tobedrivenlessbyvolumeand

morebyvalue.Two-thirdsofexecutivesexpectrevenuestohold

orriseandanevenlargershareanticipatestableorimproving

margins,signalingayearwherepricingpower,productmix,

andoperationaldisciplinedrivetheperformance.Thisoutlook

translatesdirectlyintoexpectedinvestmentchoicesconcentratingwherebrandappealbuildsandreturnsaccelerate:brandand

marketexpansion,digitalacceleration,andomnichannelandcustomerexperience,withtalentandsustainabilitypositioned

asenablingdrivers.Thefocusnowstretcheswellbeyondjust

developinge-commercetotheenterpriseintegrationofdata,

artificialintelligence(AI),andautomation,turningphysicalflagshipsintotheatrical,insight-drivendestinationsthataimtoconverttrafficintoloyaltyandcontent.

Theemphasisonvalueovervolumeisdirectlydrivingthere-

evaluationofstorefootprintandexpectedreturns.Companies

areraisingthebaroncapitaldeploymentandprioritizingflagshipqualityandunitproductivityaheadofadditionalopenings:morethanone-thirdofexecutivessurveyedplantoreducecapital

expenditureand39.3%expectstorenetworkoptimization,whilethemajorityplanpriceadjustments,suggestingpricingasthe

primarystabilizerofprofitabilityinaslower-demandenvironment.Thegrowthagendafollowsnaturally:reengagethecustomer.

Customerexperienceandloyaltyleadasthetopopportunities,aheadofmergersandacquisitions(M&A)/adjacenciesexpansionandresearchanddevelopment(R&D)innovation.Theemphasisshiftsonexpandingvaluepercustomer—frequency,basket,

andlifetimevalue—anchoredinhigh-touchservice,access,andcommunity.

UseofGenerativeAI(GenAI)movesfrominitialstagesofcuriosityandexplorationtoexecution.Adoptionsplitsbetweenassessmentandselectiveimplementation,withroughlyoneintenexecutivesalreadyembeddingthetechnologyincorefunctions.Expected

impactofAIisbalancedacrossproduct/design,marketing/

advertising,customerengagementandpersonalization,andsupply/demandandinventoryintelligence,signalingintegrationacrossthevaluechain.

Demandcontinuestomovefromproductstoexperiences:

travel,hospitality,andimmersiveretail.Inparallel,pre-owned

hasmaturedfromasidemarkettoabusinesstomonitorclosely:

certifiedprogramsandplatformalliancesnowsupportacquisition,loyalty,andcircularity,aligningvalueconsciousnesswith

responsibleconsumption.

Lookingfiveyearsout,growthre-configuresaroundchannelsandecosystems:mainstreame-commerceanddirect-to-consumerasfirst-partydatainfrastructure;social/shoppablecommercetofusecultureandtransaction;lifestyleadjacenciestoextendthebrand’semotionalperimeter;andco-brandingtorefreshcodesandunlocknewdemandpools,withconversationalcommerce

emergingasacredibleacceleratorasAImatures.

Sustainabilityshiftsfromreportingandgovernancetoredesignthevaluechain.ExecutivesprioritizeR&Dandinnovationandcircularityandlifecyclemanagementaheadofcompliance.

Transparencyistheenablingsubstratumthatmakeseverythingelseinvestableandscalable,withDigitalProductPassports

andblockchainenabledtraceabilitymovingfrompilotstoinfrastructure.

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GlobalPowersofLuxury2026|2026Luxuryoutlook

2026Luxuryoutlook

Consumertrendsshapingluxury

Executivesacrosstheluxuryindustryagreeonaclearhierarchy

ofconsumertrendsdefiningthenext12months.Foremostisa

surgeindemandforhyper-personalizationanddataenabledservices,asluxuryclienteleseektailor-madeexperiencesateverytouchpoint.Thisismatchedbythecontinuingriseofexperientialluxury,anelevationofimmersiveexperiencesoversimple

transactions.Equallyprominentisagrowingpre-ownedand

value-consciousmindsetamongconsumersthatreflectsbothsustainabilityvaluesandeconomicpragmatism.Overlayingthesetrendsisatoneofmacroeconomiccaution.Highinflation,tariffuncertainties,andotherheadwindshavetemperedtheindustry’s

exuberanceoverthepastfewyears.Thepost-pandemiceuphoriaof2021–2022hasgivenwaytoamoremeasuredrealityinwhichexecutivesanticipateacautiousconsumerbuffetedbypersistentinflation,ratehikes,andglobaluncertainty.

Thesestructuralfactors,alongsidetheexpectationsofGenZ,

whodemandauthenticity,sustainability,andseamlessdigital-to-physicalengagement1,arefundamentallyreshapinghowbrandsengagetheirglobalaudiencesacrossmajormarkets,fromEuropetoAsia.

ExpectedconsumerbehavioursinfluencingFashion&Luxuryindustryoverthenext12-18months

Total

33,3%20,0%19,0%18,0%8,8%

Europe

29,2%19,6%21,6%20,8%8,8%

UnitedStates

40,0%16,0%18,0%18,0%8,0%

MiddleEast

26,7%20,0%20,0%20,0%13,3%

Asia

43,3%23,3%12,2%13,3%7,8%

0%10%20%30%40%50%60%70%80%90%100%

Increasingdemandforpersonalizationanddigitalexperiences,tailoredservicesbydatasharing

Shifttowardexperientialluxury

Growthofthepre-ownedandvalue-drivenmindset

Reducedluxuryspendingduetoinflation,tariffs,cautiousconsumers

Evolvingdemographicsandvalues

Figure1|Source:DeloitteGlobalPowersofLuxury2026

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GlobalPowersofLuxury2026|2026Luxuryoutlook

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Personalizationinthedata-drivenage

Luxuryexecutivesalmostuniversallypointtopersonalization

asthetopconsumertrend.InanageofAIandalgorithmic

recommendations,high-endconsumershavecometoexpect

servicesandproductsfinelytunedtotheirpersonaltastes.A

recentDeloitteItalysurveyonBrandConnection2showedthatinluxury,mostconsumersexpecttailoredproducts,services,and

communications(57.9%)andfeelmoreconnectedtoabrandwhencontentmatchestheirinterests(56.0%).Thetrendisstronger

intheUAE(personalization80.2%;connection76.8%),followed

byChina(69.9%;69.5%).Europeismoremoderatebutengaged

(54%expectpersonalization;51.4%linkittohigherengagement).Personalizedadspositivelyinfluenceperceptionsandpurchase

choicesfor56.3%globally–peakingintheUnitedArabEmirates(77.2%)andtheUnitedStates(67.3%),versus50.7%inEurope.

Interestinin-storepersonalizedadsishighestwhereomnichannelisadvanced:UAE70.6%,US55.2%,Europe40.9%.Consumers

cravetangiblebenefitsfromsharingtheirpreferences.

Companiesarerespondingbyweavingdata-enabled

personalizationintobothdigitalandphysicalrealms.Luxury

brandsarerebuildingrelevancewithyoungeraudiencesby

doublingdownondata-drivenpersonalization.Beyondclassic

services(monogramming,made-to-order,bespokestyling),

they’reintegratingcustomerdataplatformsandAImodelsto

anticipatetastesandcontexts,orchestrate1:1communication,

andsuggestproductcombinationsalignedtoeachshopper’sstyle.

In-store,clientelingapps,QRcodes,NearFieldCommunication(NFC),andreal-timeinventoryenabletailoredexperiences

(e.g.,appointments,pick-up,repairs,personalizedcapsules),

whileonline,AugmentedReality(AR)try-onsandconfiguratorsbringcraftsmanshipintodigitalchannels.Researchshowsthatexperience-drivenbusinessesreporthigherretention,repeatpurchaserates,averageordervalues.Highercustomerlifetimevalue3andhigherloyalty4.

Acrosstheindustry,similarmovesarecommon:AIchatbots

suggestjust-rightproductsinonlineboutiques,andsales

associatesarmedwithCustomerRelationshipManagement

(CRM)tabletsrecallacustomer’spreferences.IntheMiddleEast,personalshoppingloungesindepartmentstoresusedataabout

pastpurchasestolayoutselectionstailoredtoeachVIPcustomer.Thisdeeplevelofpersonalizationnotonlydrivessalesbutcanhelpbuildtrust,acriticalfactorasprivacy-consciouscustomersweightheprosandconsofsharingpersonaldata,andtowhatextent.

Whendoneright,personalizationcanbecomeavirtuouscircle:

data-driventailoringmakescustomersfeelseenandvalued,whichinturnfostersloyaltyandhigherlifetimevalue.

Experientialluxuryisheretostay

ExecutivesfromParisianmaisonstoAsianluxurymallsdescribe

anexperienceimperative.Today’sconsumers–especially

younger,globallymindedones–seekimmersion,storytelling,andinteraction.Thishasledtoawaveofexperientialconceptsinluxuryretailandhospitality.

Luxuryhousesarethereforeshiftingfromtransactionalretailtoimmersivebrandexperiences,focusinginvestmentontheatricalflagshipsandexperience-ledformatssuchasgalleries,cafés,

museums,travelingpop-ups,andphoto-friendlyinstallationsthatturnvisitsintoculturalevents.InChinaandelsewhere,thisoftencoincideswithpruningunderperformingstoreswhileelevating

afewiconiclocationsthatanchorthebrandnarrativeanddraw

highervaluetraffic5.Experientialluxurynowextendsbeyond

fashionstores.Brandsareopeningrefineddiningspacesand

caféstoprojectacuratedlifestyle;staginginteractiveexhibitionswithARtry-onsanddigitalmirrors;andcreatingallianceswith

complementarybrandsonhybridretail-entertainmenthubsin

high-trafficvenuestosurpriseanddelight.Evenhighwatchmakingandfinejewelryareembracinginvitation-onlyateliers,

masterclasses,andgallery-stylepreviewsthatspotlightcraftandcultureratherthanfocusingjustontransactions.Thecommon

thread:memorable,shareablemomentsthatdeepenengagementandconvertcuriosityintolong-termloyalty.

Theseeffortsrecognizethatmodernluxuryconsumersseek

emotionsandenrichmentfrombrands.Afterthepost-pandemic

boom,personalluxuryproductssalesarenormalizing,while

experientialcategories,includingtravelandhospitality,grewby8%to$103.4billionin20256.Consumersdidnotstopspending;theyshiftedwhattheyspenton.Leadersintheindustryappeartoseethisasalong-termevolution.

Pre-OwnedLuxuryandtheValueMindset

Overthenextyear,luxuryexecutivesenvisionthenormalizationofthesecond-handmarket,acknowledgingthatconsumersnowfreelymixnewpurchaseswithpre-ownedluxuryitems.

Thistrendisdrivenbystrongdemandforsustainability,productlongevityandtangibleinvestmentvalue,andispoweredbygrowththatoutpacestheprimaryglobalapparelmarketby2.7times

(reaching$367billionby2029)7.

Companiesarerespondingontwofronts:

•In-housecontrolandauthentication:brandsareincreasingly

bringingresalein-housewithrepair,refurbishment,productcareservices(68.3%)andcertifiedpre-ownedprograms(53.8%).Byauthenticatingandofferingguarantees,theytransformresale

intoacontrolled,premiumchannel.Asdemandaccelerates,

expandingeligibilitytonewerpieceshelpscreateasteadytrade-inloop,preservingbrandquality,pricingdiscipline,andthedirectcustomerrelationship.

•Strategicalliancesandacquisition:majorgroupsareactively

collaboratingwith,orinvestingin,resaleplatforms(44.5%).Thissuggeststhatyounger,sustainability-mindedshoppersoftenbegintheirluxuryjourneysontheseapps,makingthestrategicalliancerouteacrucialstrategictouchpointfornewcustomeracquisition,loyaltybuilding,andcircularity.

Thesetwoapproachesarenotcompetingandform

complementarylayersofanewcircularecosystem.Brandsare

fundamentallyshiftingtheirrolefromsimplesellerstocuratorsoftheentireproductlifecycle.

GlobalPowersofLuxury2026|2026Luxuryoutlook

Thistransformationissupportedbyconsumerattitudes:pre-

ownedisviewedassmartandvalue-conscious,elevatingthe

appreciationfortimelessdesign,craftsmanship,anddurabilityoverfast-turnovertrends.

Thegrowthofresalehasthepotentialtoredefineproduct

ownershipfromaone-time,linearsaletoamanaged,circular

lifecycle.Luxurybrandsmustembracethisopportunitybytreating

theirheritagesasliving,circulatingassets.Thestrategicchallengeistomovebeyondmereacknowledgmentandstructurallycommittoend-to-endproductresponsibility.Thisactionhelpsensure

thebrand'spromiseoftimelessnessgenuinelyconnectswithandservesmultiplegenerationsofconsumers.

Typeofsecond-handorpre-ownedstrategiesluxurycompanieshaveinplace

76,4%85,4%

51,9%38,9%37,0%

31,7%38,1%68,3%

43,9%26,3%24,6%

Repair,refurbishmentandproductcareservicesConsumereducationandcommunityengagementNoneoftheabove

68,3%

87,6%

87,0%

90,5%

77,2%

Certifiedpre-ownedandtrade-inprogramsBrand-ownedorthird-partyresaleplatforms

Total

Apparel&footwear

Bags&Accessories

Jewelry

Watches

0%10%20%30%40%50%60%70%80%90%100%

1,4%

3,5%

4,8%

53,8%47,6%44,5%

76,4%

Figure2|Source:DeloitteGlobalPowersofLuxury2026

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GlobalPowersofLuxury2026|2026Luxuryoutlook

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Luxuryoutlook

Accordingtothesurveyresults,despitetheslowdownindomesticgrowthwitnessedinthepastcoupleofyears,Chinamaintains

apivotalroleinthegloballuxurymarketandluxuryexecutivesstillexpectittobethemaindriverofluxuryconsumptionin2026

globally.Itsinfluencestemsnotonlyfromitscurrentsalesvolumebutfromitsanticipatedstructuralroleasthemajorfuturegrowthengineandtheincreasingsophisticationofitsconsumers.

Regionsthatareexpectedtodrivethestrongestgrowthinluxuryconsumptionoverthenext12months

19,3%

China

9,0%Europe

7,9%

NorthAmerica

17,9%

MiddleEast

19,0%Japan

0,2%

Africa

11,9%

0,5%

SouthAmerica

India

14,3%

OtherAsia

PacificMarkets

Figure3|Source:DeloitteGlobalPowersofLuxury2026

Japanisexpectedtobethesecondmostrelevantcountry

contributingtothegrowthinluxuryconsumption.Aweak

yenisdrawingforeignshoppers,especiallyChinesewhofindsignificantpriceadvantages.Thisexternalgrowthisreinforcedbyadiscerningdomesticconsumerbasethatvaluesexquisitecraftsmanshipandheritage,helpingtoensuringhighresilienceandsustaineddemand.

India'sluxurymarketispoisedforgrowththanksinparttoitsboomingpopulationofHigh-Net-WorthIndividualsandalarge,aspirationalyouthdemographic.Thisexpansionisalsofueledbystrongeconomicgrowth,increasingglobalexposure,and

therapiddevelopmentoflocalluxuryretailande-commerceinfrastructurethathelpsmakeshigh-endproductsmore

accessibleacrossthecountry.

TheMiddleEastisexpectedtobethethird-largestengine

forluxuryconsumptiongrowthglobally,amomentumthat

appearssubstantiallyinfluencedbytherepatriationofhigh-endspendingasmajorcapitalslikeDubaiandRiyadhinvestheavilyinelevatingtheirlocalretailandluxuryhospitalityecosystems.Thisexpandingmarketmaybeviewedasaclearmanifestationofayoung,wealthy,anddigitallyengagedconsumerbase

thatincreasinglyappearstoprefershoppingdomestically

ratherthantravelingabroad,cementingtheregion'sstructuralimportancetogloballuxurybrands.

Europesuccessfullycapitalizesonitspositionasthemodernhomelandofluxurybrands,attractinghigh-spendingtouristswhoseekboththegenuinebrandexperienceandthefinancialadvantageofbuyingdirectlyatthesource.Marketgrowthisstronglyfueledbythisinternationaltouristspending,which

benefitsfrompricearbitragecomparedtobuyers'homemarkets,suchasNorthAmericaandAsia.Thisdynamic

reinforcesEurope,notonlyasaguardianofheritageandhigh-endcraftsmanship,butalsoasaglobalfocalpointforpurchasingexperientialandhigh-endluxury.

GlobalPowersofLuxury2026|2026Luxuryoutlook

NorthAmericaisamaturemarketwherehigh-net-worth

consumersareincreasinglydoingtheirluxurygoodsshoppingabroad,particularlyinEurope,duetofavorableexchange

Luxurycategorywiththestrongestexpectedgrowthoverthenext12months

ratesandValue-AddedTax(VAT)refunds.ThisspendislargelycapturedbyEuropeanmarkets,notNorthAmericanretail.

SouthAmericaandAfricaaccountforaminimalshareofthegloballuxurymarket,withtheregion’swealthyconsumersmoreengagedin"luxurytourism,"purchasinggoodsabroadrather

thanspendingdomestically.

Figure4|DeloitteGlobalPowersofLuxury2026

18,6%

17,4%

9,3%9,0%

5,0%4,5%

JewelryWatchesFine

dining/food/beverage

LuxuryTravelBeautyApparel&

footwear

Leather

goods

36,2%

Whenaskedabouttheluxurysegmentthatwillgrowthe

mostoverthenext12monthsthesurveyrespondentspaint

apicturethatpointstoacontinuedshifttowardexperiencesoverproducts,withresponsesthatclusteraroundTravel.MoremoderateexpectationsforBeautyandApparelandfootwear,whilelowersharesareexpectedforFinedining/food/beverageandLeathergoods.

ThepatternisconsistentwithDeloitteConsumerSignals8globaldatathathavehighlightedsince2023acontinuedshifttowardexperiencesandservicesoverproducts(asshowninfigure

5).Globalconsumershavebeenshowinggreaterwillingnesstospendontravelandhospitalityratherthanotherproductcategories.

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GlobalPowersofLuxury2026|2026Luxuryoutlook

SpendingIntentionsIndex

Estimatedmonthlyspendingamount(%change,EMA)(Oct/Nov/Dec2021=0)

travel

ants

lcare

ion.&

nment

g

YoY

Leisure

Restaur

PersonaRecreatEntertai

Clothin

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

Note:Forgroceries,personalcare,restaurants,andrecreation,studyrespondentsestimatespendingforthenext2weeks.

Figure5|Source:DeloitteConsumerIndustryCenter,ConsumerSignals.November2025

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GlobalPowersofLuxury2026|2026Luxuryoutlook

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Companies’expectations

Overthenexttwelvemonths,thegloballuxuryindustryexpectstonavigateadelicateequilibrium,pursuinggrowththrough

strategicpragmatism.C-levelsentimentrevealsanindustrythatisconfidentyetcautious,withcompaniesprioritizingpricing

discipline,operationalefficiencyandselectiveinvestmentsacross

resources,workforceandretailfootprint.Theoutlookframes

2026asayearofprofitableresilienceratherthanexuberantgrowth,astheindustryadaptstoastructurallyslowermacro

environmentwhilepositioningforanewcycleofselective,quality-drivenexpansion.

2026companies’expectations

Total

Europe

UnitedStates

MiddleEast

Asia

81,2%70,7%66,9%39,3%36,2%24,3%

84,4%70,8%68,8%41,6%34,8%22,8%

76,0%64,0%60,0%38,0%38,0%32,0%

76,7%80,0%66,7%46,7%46,7%20,0%

76,7%71,1%65,6%31,1%35,6%25,6%

0%10%20%30%40%50%60%70%80%90%100%

PriceadjustmentsduetomarketconditionOperatingmarginsmaintainedorimproved

RevenuesstableorgrowingdespiteheadwindsStoreclosures,focusingonkeylocations

CapitalexpenditurereductionHeadcountreductionplanned

Figure6|Source:DeloitteGlobalPowersofLuxury2026

Atthemacro-regionallevel,expectationsfor2026revealfourdistinctvisions:

•Withstrongconfidenceinrevenuestability(68.8%)andmargins(70.8%),Europeanluxuryhousesareleveragingtheirpricing

powerandselectiveretailrationalizationtopreservepremiumpositioningandprofitability.

•SentimentintheUSisslightlybelowtheglobalaverage,

with60%expectingrevenuestabilityand64%confidencein

margins,reflectingsubduedconsumerconfidenceandrising

operationalcosts.Theprimarydriverappearstobechallengingmacroeconomicfactors,includinghighinterestratesand

persistentconsumerdebt,whichpressureaspirationalluxurypurchases

•Representingthemostambitiousoutlook,theMiddleEast

reports66.7%revenueoptimismandthehighestmarginof

confidenceat80.0%.Thisvisionisfueledbyconcentrated

affluentdemand,massivegovernment-driveninfrastructure

investment(asstatedbytheSaudiVision20309andtheUnitedArabEmiratesTourismStrategy203010)andsustainedtourism-drivenretailflows.

•Asiareports65.6%revenuestabilityand71.1%margin

confidence.ThispositiveoutlookisprimarilydrivenbythedualengineofresilienceinJapanandSouthKorea,whererobust

domesticdemandisampli