Shrinking market, growing appetite:

A market under pressure

Luxury’s growth engine is slowing. Morgan Stanley has revised its 2026 luxury growth forecast down to 2.5%, from 4–5%, while according to BoF, 80% of the sector’s growth between 2023 and 2025 came from price increases rather than overall volume.

But a slowing market doesn’t mean consumers have stopped spending. According to new MillionaireVue data¹, 35% of HNWIs say they’re looking to increase their spend on fashion accessories, and 83% say they will ‘always buy’ from a premium or luxury brand. And values are increasingly part of the equation: 47% of HNWIs say it’s important for brands to remain ‘true to their values’ when deciding who to shop with.

So where does growth come from next? Gen Z (14–29s) are the clearest answer. According to IMD, Gen Z spending will surpass Boomers by 2029, underpinned by a $15–20 trillion wealth transfer. BCG projects their share of global luxury spending will jump to 25% by 2030. Simply put, Gen Z will represent one in four customers within the next four years.

The risk of standing still is severe. Luxury’s consumer base has shrunk, and brands that fail to connect with younger audiences will lose relevance with a group that is actively deciding what luxury means next. The question isn’t whether this shift is happening – it’s how to be part of the conversation shaping it.

Where the appetite hasn’t faded

Luxury growth may be slowing – but HNWIs are still planning to spend. MillionaireVue data shows significant numbers looking to increase their spend across key categories, including clothes and shoes (43%), jewellery and watches (37%) and fashion accessories (35%).

And this isn’t a case of spending more while trading down. Nine in ten HNWIs say they ‘always buy’ their clothes and shoes from ‘premium/luxury brands’, with fashion accessories (83%) and jewellery and watches (87%) close behind. The appetite for luxury remains, and so does a clear preference for premium and luxury brands.

One audience stands out in particular: HNWI women aged 18-30. In terms of fashion accessories, 91% say they only purchase from premium/luxury brands, while 49% are looking to increase their spend in the category. This makes them an important audience for brands looking to unlock future growth. But reaching them will require more than simply offering a luxury product – it means understanding what motivates them and what they expect from the brands they choose. 

But what earns consideration?

Knowing that HNWIs are looking to spend is important. But what actually earns consideration? MillionaireVue Q2 2026 highlights three areas brands should be paying attention to:

• Authenticity: 47% of HNWIs say it’s important for a brand to remain ‘true to its values’ when considering which brands to shop with.
• Customisation: 32% are looking for ‘product customisation’ when deciding between products or services.
• Technology: Technology features are particularly important among HNWIs aged 18–30 compared with those aged 31+, with 31% looking for product live streams compared with 19% of those aged 31+. 

What’s next for your brand?

Turning growing appetite into long-term growth means understanding where to focus now, what to build next, and how expectations of luxury are changing.

1. Prioritise female HNWIs aged 18–30
   This group is among the most likely to increase their luxury fashion spend, with almost half planning to spend more on fashion accessories. They should be a priority audience for marketing, media and new product launches.
   
2. Build a digital-first strategy for younger HNWIs
   HNWIs aged 18–30 represent an important opportunity to build the next generation of loyal luxury consumers. Livestreaming, user-generated content and flexible payment options can help brands engage them in ways that feel relevant to how they shop and discover products today.
3. Rethink what prestige means today
   ‘Prestige’ (46%) remains a key driver of luxury fashion. But heritage and traditional luxury codes cannot be the only signals of value. Brands need to keep developing their understanding of what prestige means to today’s affluent consumers – and what will make it meaningful tomorrow.
   

 

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¹ Savanta MillionaireVue, Q3 2025 to Q2 2026 — 1,517 UK adults with £1m+ in investable assets.