Global Luxury Goods Market: Personal Luxury and Total Luxury Spending

The Bain-Altagamma Luxury Goods Worldwide Market Study, produced by Bain & Company with the Italian luxury industry association Altagamma, is the main public benchmark for the luxury market. Its November 2025 edition estimates consumers' worldwide luxury spending at EUR 1.44 trillion in 2025, broadly flat on 2024 (between 1% higher and 1% lower at constant exchange rates) [1].

Total luxury spending covers personal luxury goods plus cars, hospitality, fine wines and spirits, gourmet food and dining, art, design furniture, yachts and jets [1].

• 2023: personal luxury goods EUR 369 billion [1].
• 2024: personal luxury goods EUR 364 billion [1]; total luxury spending EUR 1.48 trillion, down 1% to 3% at current exchange rates, as reported by Luxus Plus from the Bain-Altagamma study [2].
• 2025 (forecast): personal luxury goods EUR 358 billion, about 2% lower at current exchange rates and flat at constant rates; total luxury spending EUR 1.44 trillion [1].

Bain-Altagamma's 2024 edition recorded the first decline in personal luxury goods sales in 15 years, and the first fall in the number of luxury consumers in 23 years, according to Luxus Plus [2].

Within personal luxury goods in 2025, jewelry was expected to lead with growth of 4% to 6%, and eyewear to grow 2% to 4% [1]. Beauty was stable, with fragrances the most dynamic sub-category [1]. Watches were polarized, apparel held steady, leather goods wobbled and shoes lagged [1].

By price tier, the high-end tier, about 40% of the market, contracted with a CAGR of minus 1% to minus 3% between 2023 and 2025 [1]. The accessible segment had a CAGR of 0% to minus 2% over the same period [1].

Bain-Altagamma expected 2025 luxury spending in China to contract by 3% to 5% at constant exchange rates [1]. Europe was set to dip by 1% to 3% as tourist inflows slowed [1]. The Americas were expected to grow 0% to 2%, while the Middle East was the strongest region at 4% to 6%, driven by Dubai, Abu Dhabi and Saudi Arabia [1]. Japan was decelerating after a strong 2024 due to cooling tourism [1].

The study describes a shift from buying luxury goods toward luxury experiences, such as hospitality, cruises and fine dining [1]. Aspirational consumers pulled back while ultra-wealthy buyers sustained demand for high-end goods [1].

In retail, outlet stores outperformed, monobrand store surface fell by 25,000 square meters in six months, and US department stores cut about 10% of space since 2024 [1].

Figures come from the Bain & Company press release on the 2025 Bain-Altagamma Luxury Goods Worldwide Market Study [1]. The 2025 values are forecasts made in November 2025, before the year closed, and are labelled 2025F in the chart. The 2024 total spending figure of EUR 1.48 trillion is taken from Luxus Plus reporting the final Bain-Altagamma figures [2]. Values are in EUR at current exchange rates unless stated as constant rates. Personal luxury goods values reflect Bain's adjusted market perimeter, so they may differ from older editions of the study.