Global Luxury Spending hits €1.44T as Shoppers Trade “Stuff” for Experiences

Global spending stabilizes, but growth cools The study projects global luxury spending at about €1.44 trillion in 2025, essentially flat versus last year (roughly between -1% and +1% at constant exchange rates).

That relative stability comes despite persistent economic and geopolitical uncertainty, suggesting demand at the top end remains structurally strong even as mid-tier shoppers pull back.

Within that total, personal luxury goods—the core fashion, leather goods, watches, jewelry, beauty and accessories categories—are forecast at around €358 billion in 2025, down about 2% at current exchange rates compared with €364 billion in 2024 and €369 billion in 2023, indicating a mature, pause phase after the post-pandemic boom.

Ultra-wealthy customers are still supporting demand for high-end pieces, while aspirational consumers are becoming more cautious, especially in discretionary categories. From conspicuous consumption to “experiential indulgence” The headline story in this year’s report is a “tectonic shift” from products to experiences…