High-Net-Worth Consumers Reallocate Luxury Capital

While global sales of personal luxury goods are forecast to contract for the second straight year, a vibrant counter-narrative emerged from the glittering world of high-end adornments. Sales at Richemont's jewelry maisons surged by 24%, significantly exceeding initial expectations of 13%, according to Vogue. Sales at Richemont's jewelry maisons surged by 24%, significantly exceeding initial expectations of 13%, according to Vogue, illuminating a discerning shift within luxury consumption trends among high-net-worth individuals, even as the broader market faces headwinds, as reported by AP News.

A critical bifurcation is highlighted: global sales of personal luxury goods are forecast to contract, yet high-net-worth individuals are actively planning to spend more on specific luxury categories, particularly travel and enduring assets like jewelry. The market is not uniformly retracting.

Luxury brands must strategically pivot their offerings and pricing to cater to a more discerning, value-conscious high-net-worth consumer who prioritizes experiences and lasting value, or risk further market share erosion in 2026.

The stark contrast between a contracting personal luxury goods market and booming jewelry sales reveals a fundamental shift in where luxury capital is being deployed. While global sales of personal luxury goods are forecast to contract for the second consecutive year, sales at Richemont's jewelry maisons soared by 24%, surpassing expectations of 13%, according to Vogue. The robust performance in jewelry, expected to play a significant role in determining luxury's winners, as noted by Reuters, challenges the notion of a uniform luxury market downturn. High-net-worth individuals are increasingly re-evaluating value, moving away from ephemeral fashion towards tangible, investment-grade assets.

• 80% — of travelers plan to spend more in the coming year, according to Partner data.
• 76% — of luxury travelers say advisor guidance is crucial to their trip planning, according to Partner data.
• 60% — of consumers across the U.S. and Europe reported using resale platforms for second-hand luxury goods in a September 2025 survey, according to JPMorgan.
• 24% — increase in sales at Richemont's jewelry maisons, significantly exceeding expectations of 13%, according to Vogue.
• 3-5% — price increases by Dior and Prada in the U.S. according to JPMorgan.

The Strategic Reallocation of Luxury Capital

High-net-worth individuals are demonstrably shifting their spending towards experiences and enduring assets, while also embracing new consumption models. High-net-worth individuals' shifting spending towards experiences and enduring assets, while also embracing new consumption models, indicates a strategic reallocation of luxury capital, moving away from traditional segments.

Footnote: Data compiled from Partner and JPMorgan reports, 2025-2026.

Consumers are actively seeking value and expertise, prioritizing investments in experiences and long-lasting goods. A growing comfort with the secondary market for fashion is coupled with consumers actively seeking value and expertise, prioritizing investments in experiences and long-lasting goods, challenging the traditional direct-to-consumer model for ephemeral luxury items.

Navigating Economic Headwinds and Brand Strategy

Dior and Prada recently increased prices in the U.S. by 3% and 5% respectively, according to JPMorgan. Luxury groups are simultaneously grappling with weak fashion sales, as reported by Reuters. Strategic price adjustments by brands appear to inadvertently fuel the secondary market, pushing price-sensitive consumers towards resale platforms rather than capturing new sales.

The combination of brands increasing prices and 60% of consumers actively using resale platforms suggests that these price hikes are contributing to the slowdown in new fashion sales. The dynamic of brands increasing prices and 60% of consumers actively using resale platforms indicates that traditional luxury fashion brands, reliant on apparel and bags, face significant challenges if they do not adapt to evolving consumer behaviors and global economic shifts. The arbitrage opportunity for American luxury consumers is also diminishing, potentially driving more domestic spending or further fueling the resale market if new goods become less attractive globally.

Luxury fashion houses are inadvertently subsidizing their own competition, pushing price-sensitive consumers towards the secondary market rather than capturing new sales.

• JPMorgan's data shows 60% of consumers use resale platforms.
• Brands like Dior and Prada increased U.S. prices by 3-5%, according to JPMorgan.

A direct correlation is suggested: as new luxury fashion items become more expensive, a significant portion of the consumer base, even high-net-worth individuals, opts for the more cost-effective and often more sustainable secondary market. The trend of consumers opting for the secondary market undermines the brands' efforts to boost revenue through price adjustments, diverting potential new sales to resale platforms.

Luxury brands not offering tangible, investment-grade assets or highly curated experiences are facing an existential threat as HNWIs fundamentally redefine value.

• Richemont's jewelry sales surged by 24%, according to Vogue.
• Overall personal luxury goods sales are forecast to contract, according to AP News.

The dramatic outperformance of jewelry, compared to the overall contraction in personal luxury goods, indicates a fundamental shift. High-net-worth individuals are moving from transient fashion statements to tangible, investment-grade assets. Brands that fail to offer this enduring value, whether through physical goods or bespoke services, will struggle to maintain relevance and market share.

The future of high-end experiences isn't just about access, but about bespoke curation and expert navigation; brands failing to integrate this level of personalized service will miss a critical growth vector.

• Partner data reveals 76% of luxury travelers rely on advisors.

Despite their wealth and access, high-net-worth individuals seek expert curation and navigation for complex experiences. The finding that high-net-worth individuals seek expert curation and navigation for complex experiences suggests that the complexity and desire for highly curated experiences within luxury travel is growing. Luxury travel providers, therefore, must focus on delivering unparalleled personalized service and intricate planning, moving beyond simple high-end bookings to become essential guides for their discerning clientele.

• Richemont's jewelry sales surged 24%, significantly outpacing the contracting global personal luxury goods market in 2026.
• Approximately 60% of consumers actively use resale platforms for second-hand luxury goods, impacting new fashion sales.
• 80% of luxury travelers plan to increase their spending, with 76% citing advisor guidance as crucial for trip planning.
• Traditional luxury fashion brands face pressure from price increases of 3-5% by competitors like Dior and Prada, which may drive consumers to the secondary market.

By Q3 2026, traditional luxury fashion houses like Prada and Dior, if they continue their current pricing strategies without adapting to the resale market's influence, will likely see further erosion of new sales, while high-end jewelry brands and bespoke travel services continue to capture a greater share of high-net-worth individual spending.