Luxury continues to grow, but with dynamics that differ significantly from those of previous years. This is the key message emerging from the 2026 update of the Altagamma-Bain Monitor, which describes a market increasingly driven not by the purchase of luxury goods themselves, but by personalised, authentic and emotionally engaging experiences.
According to the study, the global high-end market reached a value of €1.443 trillion in 2025 and is expected to range between €1.440 trillion and €1.470 trillion in 2026, with projected growth of between 0% and 2%. The personal luxury goods segment is expected to perform more strongly, growing by 2% to 4% to reach a value between €365 billion and €373 billion.
For the yachting sector, the most significant finding concerns experiential luxury. The report highlights that demand for experiences is growing at one and a half times the rate of demand for physical goods, confirming a structural shift in consumer preferences.
Within this category, luxury hospitality, private aviation, mega-yachts and cruises are identified as some of the most resilient segments across the entire luxury market. Their growth is supported by several factors, including continuous improvements in the quality of the offering, still-solid order books and the ability to attract new customers.
The report also notes that fine dining and gourmet food continue to benefit from the growing “less but better” trend, with consumers increasingly willing to spend on higher-quality experiences rather than simply increasing the quantity of their purchases. Other sectors face a more complex environment. Luxury cars continue to be affected by the challenging transition towards electrification, while premium wines and spirits are experiencing weaker demand. Design and furniture are also showing signs of slowing.
From a geographical perspective, the Monitor identifies three distinct growth patterns. The Americas are currently the main driver of global growth. In the United States, purchases are increasing across all major luxury categories, while American luxury brands recorded growth of between 10% and 15% during the first quarter of 2026, excluding currency effects. This expansion is being driven primarily by consumers under the age of 35 and by the upper-middle-income segment, whose spending is increasing at almost twice the pace of the wealthiest consumers. China is showing early but tangible signs of recovery. Online sales of luxury products increased by between 25% and 35% during the first quarter of the year, driven mainly by apparel, while purchases motivated purely by status are becoming less significant. Europe, by contrast, remains the weakest region. The slowdown in international tourism, exacerbated by a decline in visitors from the Middle East, has weighed heavily on demand. However, May tax-free shopping data indicate the first signs of recovery, supported by renewed spending from American, Chinese and Middle Eastern tourists.
More than the figures themselves, it is the cultural transformation described by the Monitor that may represent the most significant development for the sector. According to Bain & Company, consumers are not moving away from luxury; rather, they are redefining its meaning. The focus is gradually shifting from ownership to the quality of the experience, and from status display to personal fulfilment. This evolution is also reflected in purchasing behaviour. More than 70% of consumers who reduced their luxury purchases in recent years say they intend to return to buying luxury products, although not necessarily from the same brands or within the same product categories.
Among the report’s most significant findings is the growing role of artificial intelligence. Around half of luxury consumers already use AI-based tools during their purchasing journey, and almost all expect to continue doing so. One consumer in four relies on artificial intelligence to discover new brands and products, while approximately two-thirds use it to compare different options before making a final decision. For luxury brands, this means that remaining visible and relevant within AI-powered search and recommendation platforms is becoming an increasingly strategic priority.
The study also identifies three additional trends expected to influence the sector. More than 80% of the total value of the luxury market is now represented by brands that have invested in sports sponsorships over the past twelve months, recognising them as increasingly important tools for building brand awareness and cultural relevance. The second-hand market also continues to expand. Around half of consumers now consult the pre-owned market before purchasing a new product, while online searches for vintage handbags have more than doubled compared with 2025.
Finally, personalisation continues to gain importance. Immersive experiences, slow tourism and less conventional destinations are progressively replacing more traditional models of luxury, confirming a growing preference for authenticity, emotion and personal engagement.
For the yachting industry, the Altagamma-Bain Monitor delivers a clear message: in a market characterised by increasingly selective growth, mega-yachts continue to benefit from rising demand for exclusive and highly personalised experiences. This trend confirms that, for a growing share of international clients, the value of luxury lies less in owning an asset and increasingly in the quality of the experience that asset is able to provide.