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.