EDITORIAL PARTNERSHIP
What are the forces driving a renewed confidence in luxury customers?
Here, Amrita Banta, Managing Director of Agility Research & Strategy, breaks down the key findings in the organisation’s new TrendLens report and takes a deep dive into the trends that every British luxury brand needs to know about.
If you’d like to hear further insights into the luxury sector from Banta, join us at The Londoner on Monday 27th April 2026 for the Walpole British Luxury Summit. On stage, she will be sharing Agility’s cutting-edge research on the most valuable customers for luxury brands, and the strategies to deliver experiences that capture their imagination and loyalty.
Luxury enters 2026 carrying the marks of a demanding year: growth was harder fought in 2025; consumer confidence felt uneven; and the macro backdrop – from fragile European economies to persistent geopolitical tension – kept both brands and buyers on edge. Yet beneath the surface caution, something more constructive has been taking shape.
Agility’s TrendLens research, a twice-yearly primary study tracking affluent and high-net-worth consumers across key global markets, points to a year ahead defined less by retrenchment and more by “selective confidence”. Luxury is not rebounding to excess, but is instead recalibrating around value, meaning and experience.
When referencing affluent and high-net-worth consumers throughout this piece, we are drawing on definitions used within Agility’s TrendLens research programme.
“Affluent” is defined on an income basis and varies slightly by market to reflect local earning structures. Broadly, it refers to households with annual income of approximately USD $100,000 or more in markets such as Japan and Italy, and USD $150,000 or more in markets such as the US.
A decisive shift from ownership to experience
Across markets, younger affluent consumers – particularly Millennials and increasingly Gen Z – are more optimistic about their income and future earning potential than older cohorts.
Crucially, this optimism is not fuelling greater attachment to traditional markers of success such as property ownership. Instead, it is pulling demand toward travel, wellness, dining, culture and events.
Luxury is being redefined as something lived rather than accumulated. International travel, in particular, remains highly resilient, with strong intent among affluent and high-net-worth consumers in the USA, UK, Italy and Japan.
In 2026, experience-heavy, asset-light luxury is set to continue outperforming categories where value feels less tangible or less emotionally rewarding.
Confidence varies and brands must respond accordingly
Older affluent consumers remain economically vital, but their outlook differs sharply by geography.
In the USA, Baby Boomers and Gen X continue to express confidence around wealth, property and travel, sustaining premium demand. Italy shows a similar pattern, with Gen X emerging as a key driver of optimism.
In contrast, older consumers in the UK and Germany are more reserved. Here, value clarity, reassurance and financial prudence carry greater weight than overt aspiration.
The implication is clear: a one-size-fits-all luxury narrative will not work in 2026. Brands must adjust tone and proposition by market, balancing desire with credibility.
Women are at the centre of experiential growth
One of the most consistent signals in TrendLens is the growing role of women in driving experience-led luxury spend.
In the USA, China and Italy, women are as positive — and often more positive than men — about travel, luxury experiences and discretionary lifestyle spending. Even in markets where men remain more optimistic overall, women represent a deeply engaged and influential audience.
This has practical implications. Experiences that prioritise comfort, safety, service quality, emotional reward and a sense of connection are likely to resonate more strongly than those built purely around status or spectacle.
Two growth engines, not one luxury consumer
TrendLens also highlights an increasingly important distinction between affluent and HNW consumers.
In China, Japan, Italy and the UK, HNW respondents are more optimistic than affluents, particularly around wealth and big-ticket luxury. Germany shows a more category-driven split, while the US stands apart, with affluents expressing greater optimism and readiness to spend than their HNW counterparts.
The implication for 2026 is that growth will come from two complementary engines:
HNW consumers driving bespoke, relationship-led, high-touch luxury, and affluents delivering scale.
Chinese HNW travellers are expected to flow increasingly through Hong Kong and major European cities, while UK and Italian affluents continue to prioritise Mediterranean and Gulf destinations.
Taken together, the outlook for 2026 is one of cautious confidence. Luxury’s next chapter will reward brands that understand not just who their customer is, but what they now value, where they are going, and why an experience genuinely feels worth choosing.
These insights represent only a snapshot of Agility’s TrendLens research into affluent and high-net-worth consumers across global markets.
To explore the full 2026 outlook, including deeper market analysis, regional comparisons and strategic implications for luxury brands, please visit agility-research.com or contact jason@agility-research.com.
Agility is a global wealth data and insights consultancy focused on affluent, HNW and UHNW consumers, and delivers affluent consumer intelligence across 35+ countries, giving brands rare, country-specific insights into how high-net-worth customers think, spend and behave.
“Confidence in luxury has returned for 2026 — but with clear conditions” courtesy of Amrita Banta in Walpole Editorial Partnerahip (February 25, 2026). © 2026 Walpole. All rights reserved.
