CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
MajorsJun 21, 2019
Global Luxury Goods Market Settles into ‘New Normal’
Bain & Co. said spending on global luxury goods grew 4-6 percent last year and it forecasts the same for 2019.
Milan—The global personal luxury goods market has reached a “new normal” pattern of growth after strong performances in both 2017 and 2018, according to Bain & Co.
In its recently released “Bain Luxury Goods Worldwide Market Study, Spring 2019,” the management consulting firm reported that the market grew 6 percent year-over-year in 2018 to approximately $293.63 billion in sales.
An acceleration in domestic spending from mainland China consumers and an increase in European tourism drove the growth, though the report also noted that moderate growth is being seen in most markets.
Bain expects sales to remain steady in 2019—4 to 6 percent growth (at constant exchange rates), with sales totaling between $306.07 and $311.71 billion.
In the Americas, the U.S. luxury market was “tepid, with mild growth” throughout 2018.
The new tax reform plan created some uncertainties for consumers and negatively impacted domestic spending on personal luxury goods, Bain said, while malls and department stores continued to struggle with decreasing foot traffic.
Mono-brand stores in the region, meanwhile, maintained a positive growth trend.
Bain & Co. is forecasting 2 to 4 percent growth in the Americas this year, with a rise in domestic consumption in full-price stores but fewer Chinese tourists.
Meanwhile, despite socio-political turmoil in the U.K. and France, Europe also saw positive growth last year due to an influx of tourism spurred by the Euro’s weakening against all major currencies.
Ongoing turmoil in the region, as well as a weakening macro-economic outlook, continue to pose a threat to luxury goods spending, with a modest 1 to 3 percent growth forecast for 2019.
Mainland China continues to reign as a dominant market for luxury goods, as local consumers show a strong preference for purchasing in the domestic market; price harmonization, consumer-centered marketing strategies and government initiatives are all to thank for this trend.
“Solid” consumer confidence and a willingness to spend, especially when it comes to the younger generations, are expected to drive year-over-year-growth of 18 to 20 percent in mainland China in 2019.
Japan is still an “exclusive and attractive” market for luxury brands, Bain said, with forecasted growth of 2 to 4 percent in 2019 and tourist spending expected to rise ahead of the Tokyo 2020 Olympics next summer.
The remaining Asian regions also have a positive outlook, Bain added—apart from Hong Kong and Macau, which continue to lose ground to mainland China—and is expected to
Editors' Picks
Sponsored by
grow by between 10 and 12 percent.
A growing middle class with increasing disposable incomes is propelling Indonesia, the Philippines and Vietnam, while sustained growth in South Korea comes from local consumers and a slight tourism rebound.
Meanwhile, the luxury markets across the rest of the world are expected to be flat or see a slight decrease in 2019, with the Middle East remaining stagnant as consumer spending moves away from the domestic market.
Macro Trends in Luxury
In its report, Bain also identified five trends that likely will shape the next generation of luxury for the long term.
1. A new generation
Bain said the Chinese Gen Z demographic is “the segment to watch”—they’ll have significant spending power as “proud and empowered impulse buyers.”
2. Post-ownership
Bain said it anticipates a paradigm shift in consumption that will favor access over ownership; think: the sharing economy, rentals and the second-hand market.
3. Afterlife
Sustainability and social responsibility will be the focus, based on ideals centered on the environment, human labor and animal welfare.
4. Beyond physical
Digital will disrupt the entire luxury value chain and put the focus on luxury experiences over products.
5. Above volume/price
Customer networks will be the new measure of value.
“It’s important to highlight the role that insurgent brands will play in the luxury sector,” said Federica Levato, a partner with Bain and co-author of the study. “They will challenge established brands, pushing for a real paradigm shift with a more creative approach that goes beyond the product itself and impacts all facets of business, ultimately creating a more direct and continuous dialogue with consumers.”
A growing middle class with increasing disposable incomes is propelling Indonesia, the Philippines and Vietnam, while sustained growth in South Korea comes from local consumers and a slight tourism rebound.
Meanwhile, the luxury markets across the rest of the world are expected to be flat or see a slight decrease in 2019, with the Middle East remaining stagnant as consumer spending moves away from the domestic market.
Macro Trends in Luxury
In its report, Bain also identified five trends that likely will shape the next generation of luxury for the long term.
1. A new generation
Bain said the Chinese Gen Z demographic is “the segment to watch”—they’ll have significant spending power as “proud and empowered impulse buyers.”
2. Post-ownership
Bain said it anticipates a paradigm shift in consumption that will favor access over ownership; think: the sharing economy, rentals and the second-hand market.
3. Afterlife
Sustainability and social responsibility will be the focus, based on ideals centered on the environment, human labor and animal welfare.
4. Beyond physical
Digital will disrupt the entire luxury value chain and put the focus on luxury experiences over products.
5. Above volume/price
Customer networks will be the new measure of value.
“It’s important to highlight the role that insurgent brands will play in the luxury sector,” said Federica Levato, a partner with Bain and co-author of the study. “They will challenge established brands, pushing for a real paradigm shift with a more creative approach that goes beyond the product itself and impacts all facets of business, ultimately creating a more direct and continuous dialogue with consumers.”
More on Majors
The Latest
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
SourcingApr 15, 2026
Diamond Club West Coast Names 2026 BoardKalpesh Jhaveri was re-elected as president for a third year.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
SourcingApr 14, 2026
De Beers Expands ‘Desert Diamonds’ Beacon Into BridalThe campaign seeks to reignite desire for natural diamond engagement rings by highlighting the “distinct character” of warm-toned diamonds.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
