Fine dining yes, new yacht no: Ownership on the way out among elites

Munich (dpa) – Luxury consumers are moving away from owning traditional status symbols like expensive cars, designer clothes and yachts, and are instead prioritizing luxury experiences, new research suggests. In a study published in November, consultants Bain & Company and Italian luxury goods association Fondazione Altagamma describe a "tectonic shift" toward luxury experiences such as hospitality cruises and fine dining. The research tracks "a persistent and crucial trend among consumers globally as they favour 'experiential indulgence' over past trends of 'conspicuous consumption' as new symbols of status, pivoting toward wellness, connection and self-reward." "After the shopping spree era, experiences and emotions have become the true engine of luxury growth," said Claudia D’Arpizio, Bain & Company senior partner and lead author of the study. Consumer research has previously pointed to a broader shift towards experiences among various consumers in recent years, one that is "bolstering the growth of the overall luxury market and reshaping the industry across segments," the study argues. However, global spending on luxury items, including gourmet dining, yachts and private jets, is set to show a decline this year for the second year in a row, the study predicts. Luxury expenditure is running at around €1.44 trillion ($1.66 trillion) for the year. The figure for 2024 was €34 billion higher. The decline is unusual, as the market for luxury consumption has shown long-term growth. The figure for 2019 was €169 billion lower than the 2025 figure, and Bain continues to predict strong growth for the years ahead, forecasting between €2.2 trillion and €2.5 trillion by 2035. "Across luxury segments, cars are impacted by declining volumes across price tiers, with resilience only within higher-end sport-oriented vehicles, while yachts and jets continue to enjoy robust growth," the survey found. Detailing other segments, it said that fine art had stalled and design furniture had stabilized. The alcohol segment had disappointed, but "gourmet dining is booming across Asia, the Middle East, and resort hubs, fuelled by younger, experience-hungry travellers," it said. "New frontiers – travel activities, safaris, and elite sports – are meanwhile redefining modern luxury around immediate exclusivity," it found. Luxury car purchase continued to make up more than a third of expenditure, while showing a decline of 6% to €545 billion. Luxury alcohol sales were down 5% at €93 billion, and spending on art fell 9% to €31 billion. The study also noted the emergence of new markets, with the Middle East, Latin America, South East Asia, India, and Africa combined accounting for around €45 billion in 2025, matching mainland China. "From Gen Z's embrace of accessible luxury in South East Asia to India's surging middle class and Africa's emerging local players, these regions signal growing luxury potential," Bain and Altagamma said. The study noted a declining luxury consumer base from around 400 million in 2022 to around 340 million this year. The proportion of active consumers within this group is also in decline: whereas around 60% of the base were active buyers in 2022, that figure has fallen to between 40% and 45%. The following information is not intended for publication dpa ruc xxde bvi rpm coh

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