为奢侈品寻找新的寿命

After stabilizing in 2025, the industry can nowreinforce its enduring value, according to the Bain- Acknowledgments The Luxury Goods Worldwide Market Study was authored by Claudia D’Arpizio, Federica Levato,Andrea Steiner, and Giulia Babbini. This report was written by Joëlle de Montgolfier and Hélène Glaser. Claudia D’Arpizio(claudia.d’arpizio@bain.com) is a Bain & Company partner based in Milanand the leader of the firm’s Global Luxury and Fashion vertical. Federica Levato(federica.levato@bain.com) is a Bain partner and a leading member of the Luxuryand Fashion vertical. She is based in Bain’s Milan office. Andrea Steiner(andrea.steiner@bain.com) is a senior manager in Bain’s Milan office. He also workswith the firm’s Luxury and Fashion vertical. Giulia Babbini(giulia.babbini@bain.com) is a consultant in the firm’s Luxury and Fashion vertical. Joëlle de Montgolfier(joelle.demontgolfier@bain.com) is Bain’s global practice executivevice president for Retail and Luxury. She is based in the firm’s Paris office. Hélène Glaseris a practice manager in Bain’s Retail and Luxury practice. She is based in the firm’s Finding a New Longevity for Luxury Contents Executive summary2Luxury spending trends in 20256Regional highlights12Distribution trends15Individual category performance18Customer base dynamics22Outlook for the future25Appendix29 Executive summary The 24th edition of the annual Luxury Study, released by Bain & Company and Fondazione Altagamma,the trade association of Italian luxury goods manufacturers, estimates that overall luxury spendingtotaled €1.44 trillion globally in 2025, representing a marginal decline of 1% to 3% from 2024’s total at Overall luxury spending tracked by Bain & Company encompasses both luxury goods and experiences. Itcomprises nine segments, led by luxury cars, personal luxury goods, and luxury hospitality, which Luxury experiences continued to outpace the broader market, driven by a sustained shift in spendingtoward wellness, rewarding oneself, and social connection—forms of indulgence that have beenincreasingly gaining ground on product ownership. In contrast, the market for experience-based goods The market for personal luxury goods—at the heart of both the luxury industry and this analysis—heldrelatively steady against a backdrop of macroeconomic uncertainty and sustained price elevation. Afterreaching €364 billion in 2024, sales of personal luxury goods are forecast to total €358 billion in 2025, The luxury consumer base continued to contract, extending the trend observed since 2022. Comparedwith 2024, the industry lost about 20 million consumers, as shoppers reduced purchase frequency, shifted Accessible luxury showed renewed vitality, emerging as the most dynamic segment. About 50% of brandsin this segment are likely to have grown in 2025 (versus roughly 25% in aspirational luxury and 35% in Top customers, who expanded their share of the market between 2019 and 2024, stabilized theirspending in 2025 (in terms of absolute value). With Gen Z, there were clear winners and losers: Somebrands successfully echoed its evolving sense of purpose and identity, but others struggled to keep the Brand performance remained highly polarized in 2025, with 40% to 45% of brands reporting positiverevenue growth—broadly in line with last year but well below 2022 (when 95% of brands grew) and 2023 Finding a New Longevity for Luxury (65%). Specialist players outperformed generalists: More than 70% of the brands achieving growth in 2025were specialists. Conversely, the industry’s largest groups experienced mixed results: Roughly half of In this environment, profitability eroded amid shrinking gross margins, due to inflation, tariffs,markdowns, and higher operating costs, combined with top-line softness. As a result, operating marginsfell to between 15% and 16%, down from 21% in 2022. This is equivalent to the industry losing 20% of its Regional breakdown: Americas stabilizing, Europe and Asia declining The Americas stabilized in 2025 amid a volatile macroeconomic environment. Local spendingstrengthened as the weaker dollar encouraged consumers to spend at home rather than abroad. LatinAmerica maintained steady momentum, particularly in Mexico and Brazil, fueled by retail expansion and European luxury sales declined slightly as tourism-related spending gradually softened over the course ofthe year and local consumers showed signs of fatigue. Southern Europe maintained growth momentumwhile northern markets lost traction. After a first quarter marked by rising tourist sales in Europe, the Mainland China remained under pressure this year, though the decline was milder than last year amid achallenging macroeconomic environment. Signs of recovery appeared in the third quarter, supported byimproved consumer confidence and renewed interest in key categories and brands. Local competition Japan’s performance normalized following last year’s exceptional tourist-driven growth. Touri