Luxury shifts to experiences
The luxury market is pivoting from physical objects to experiences and memberships, with tech billionaires dominating 2026 Fashion Weeks [https://x.com/i/status/2032301936796414239]. Runways reflect "hard times" dressing amid economic strain [https://x.com/i/status/2032301936796414239]. France and Italy lead in luxury, while the US dominates streetwear, and Japan/Korea set modern trends [https://x.com/i/status/2031622100000350250].
The shift towards experiences is pushing luxury brands to orchestrate unforgettable narratives and sensory experiences within physical stores, using services as a stage and products as props. This aligns with a broader trend where high-net-worth individuals seek feelings over material possessions. The US luxury market, in particular, is seeing consumers prioritize authenticity, craftsmanship, and brand narratives over overt displays of wealth. France's luxury goods market is projected to reach $32.76 billion by 2031, growing at a CAGR of 4.89% from a value of $25.81 billion in 2026. While clothing and apparel led the market in 2025, leather goods are expected to grow faster, exemplified by Hermès' scarcity-driven model. In contrast, the US streetwear market is projected to grow at a CAGR of 3.6% from 2023 to 2028, with North America holding the largest market share. Japan's fashion scene in 2026 blends tradition with bold experimentation, with a new wave of domestic brands poised to go international. Key trends include layering, pants under dresses, and outdoor sporty wear. Meanwhile, South Korea is seeing the rise of "peanut butter lips," lighter eyebrows, and Y3K makeup, which focuses on how the 2000s imagined the future.
