Luxury Market Outlook 2026: Post-Pandemic Normalization TrendsLuxury Market Outlook 2026: Post-Pandemic Normalization Trends
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M.J Borkowiec
• Apr 15
Macro context
The sector enters 2026 after two years of normalisation following the post-pandemic supercycle. Total luxury spending reached approximately €1.44 trillion in 2025, resulting in a flat to slightly negative year-on-year outcome at constant exchange rates, while remaining materially above 2019 levels. Bain/Altagamma frame this as a normalisation phase rather than a cyclical downturn.
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