Global demand for luxury goods is being increasingly driven by high-spending consumers in Switzerland and Hong Kong, even as digital engagement and younger buyers redefine how premium brands are discovered and purchased.
A new April 2026 study by vintage retailer FashioNica shows that Swiss consumers rank as the world’s most committed luxury shoppers, topping a newly developed “Luxury Love Index” that measures spending, online engagement, and market growth across 20 countries.
The report found that the average Swiss consumer spends more than $550 annually on designer goods, while the country’s luxury market has expanded by nearly 25 percent over the past five years. Strong per capita spending, combined with high online search activity for brands such as Louis Vuitton and Hermès, pushed Switzerland to the top of the global ranking with an index score of 96.
Hong Kong placed second, with residents spending over $730 annually on luxury items—the highest per capita globally. Despite a 19 percent contraction in its luxury market over the past five years, consumer appetite remains robust, supported by strong digital engagement levels, with roughly one in five residents searching for premium brands online each month.
The United Arab Emirates ranked third, buoyed by the fastest growth rate among leading markets. Luxury revenues in the UAE rose nearly 50 percent within five years to $4 billion, driven by annual per capita spending of about $420 and strong online shopping activity.
Australia and the United Kingdom rounded out the top five, reflecting a mix of solid consumer demand and digital discovery trends. In the UK, one in four consumers searches for luxury brands such as Prada and Dior online monthly, contributing to annual market revenues exceeding $16 billion.
The United States remains the world’s largest luxury market by total revenue at $75.7 billion, although it ranks lower in per capita spending and consumer intensity. Other notable markets include the Netherlands, France, Canada, and Italy, all demonstrating steady growth and evolving consumer behaviour.
According to FashioNica, the global luxury landscape is undergoing a structural shift, with younger consumers taking the lead.
“The luxury customer base is getting younger, and they’re the ones spending the most now. Millennials and Gen Z together make up about 70% of all luxury purchases. Millennials alone account for nearly half of luxury buyers today, while Gen Z represents around 15%, and that’s climbing fast. What changed is how people shop. Their parents had to visit a boutique just to see luxury goods. Today’s buyers discover brands on Instagram, browse collections on their phones, and buy directly online without stepping into a store,” stated a luxury market analyst.
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