SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
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
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
CrimeOct 01, 2026
Police Looking for 4 Suspects in $600K Smash-and-Grab RobberyDubai Jewelers in Springfield, Virginia, was once again the target of an armed robbery.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
SurveysOct 01, 2026
Rolex Ranks Among Most Recommended Brands in US, Survey Says YouGov’s 2026 U.S. Most Recommended Brands report’s out, and a fast-fashion giant is sitting at No. 1 while Rolex is just shy of the top 5.
Weekly QuizOct 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 01, 2026
Columbia Gem House Opens ‘Cutting Toward Change’ FundraiserProceeds from its jewelry raffle will benefit an organization working in India to combat silicosis, a lung disease affecting stone cutters.
TrendsOct 01, 2026
Carolina Hurricanes’ Championship Ring Reveals Hidden Hockey Puck PendantThe rings, crafted by Jason of Beverly Hills, celebrate the hockey team’s Stanley Cup win with design elements that honor its traditions.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsOct 01, 2026
Amanda’s Style File: October’s Color Range This roundup of birthstone jewelry for October features vibrant tourmalines and opals with personality.
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
SurveysSep 30, 2026
Consumer Confidence Falls to 12-Year Low in SeptemberThose surveyed were worried about the present and the future, with write-in responses mentioning high oil and gas prices.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
