"The global personal luxury market hit a wall in 2025. After surviving the Covid pandemic to reach a record $432 billion (€362 billion) in 2023, things began to cool. It dropped 3% from its historic high to $419 billion (€358 billion) in 2025, according to Bain's authoritative luxury report produced with Altagamma. In addition, the channels favored by luxury consumers have shifted markedly. Online shopping, which grew from 12% of the market in 2019 to 20% in 2023, reached a saturation point."
"Most troubling of all, there has been a steep drop in the number of luxury customers-from a post-Covid peak of 400 million to between 335 and 345 million in 2025. While numerous reasons are given for this drop, Bain stresses one in particular: Gen Z consumers are setting the tone for the next era of luxury. The Gen Z generation is more critically discerning and less brand loyal."
The global personal luxury market cooled in 2025, falling from $432 billion in 2023 to $419 billion in 2025. Online shopping share grew from 12% in 2019 to 20% in 2023 but then saturated and held steady while the overall market declined. Monobrand stores expanded to 37% market share in 2025 from 31% in 2019 as customers favored high‑touch service and curated in‑store experiences. The number of luxury customers dropped from a post‑Covid peak of 400 million to roughly 335–345 million in 2025. Gen Z consumers are more critically discerning, less brand loyal, and shifting toward relevance, preloved and discount channels. Livestream e‑commerce combines immediacy, authenticity, personal interaction and storytelling to bridge online convenience with emotional in‑store resonance.
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