MILAN – The luxury market is still resilient but not immune to the headwinds from economic and geopolitical uncertainties, according to Bain & Company and Altagamma.

Global luxury spending is expected to remain stable in 2025 at 1.44 trillion euros at constant exchange rates. At current exchange, it is forecast to decrease between 1 and 3 percent.

The most recent Bain-Altagamma Luxury Goods Worldwide Market Study presented in Milan today finds that a sequentially improving trajectory is expected to extend into 2026.

In an interview, Federica Levato, senior partner at Bain & Company and leader of the firm’s EMEA Fashion & Luxury practice, who co-authored the report, said the “overview is a mildly positive” one. The third quarter this year was better than expected and the fourth qua

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