How aspirational consumers are reshaping luxury growth

Aspirational consumers are emerging as the defining force in luxury’s next phase of growth. Yet as the market stabilizes following a period of volatility, many brands are still not fully equipped to engage this segment at scale.

At the same time, growth in the global luxury market remains fragile. This fragility – shaped by geopolitical uncertainty, economic pressure and shifting consumer expectations – is already reflected in forward-looking forecasts. At Morgan Stanley’s 2026 Annual European Luxury Conference in May, the firm forecast personal luxury goods growth of about 2.5%, down from 4% a few months earlier.¹

In this environment, long-term success will depend less on broad market expansion and more on how effectively brands engage, convert and retain aspirational luxury clients.

The EY Luxury Client Index 2026 examines the expectations and motivations of these “aspirationals” and explores how luxury retailers can use new tools and business models to respond to these shifts. The study identifies four principles to guide success with aspirational luxury clients.

1. Fundamentals remain key

Aspirational luxury clients are reshaping how value is defined – but their expectations also align with the core principles of luxury. The latest report confirms that aspiration is anchored in traditional values such as product substance, brand legitimacy and enduring value. Other factors such as sustainability help to shape expectations but do not necessarily trigger direct sales.

The most important purchase drivers are consistently tied to intrinsic product value. Quality of materials ranks highest at 65%, and brand heritage ranks second at 52%. Luxury continues to be defined by what the product is, how it is made and the credibility of the brand behind it.

Aspirationals also gravitate toward established houses: 56% favor well-established brands, a preference that gets stronger as clients get older. Niche brands play a complementary role – providing a layer of differentiation for higher craftsmanship and more innovative products. These factors are more relevant to younger or lower-spending clients. For example, 17% of Gen Z favor niche labels compared with 12% overall, although that preference declines as spending increases.

For luxury retailers, these implications are reassuring for future growth. Aspirationals will explore new formats, channels and services only when they reinforce, rather than compromise, the fundamentals of quality, craftsmanship, heritage and long-term value.

2. Experiences can drive both loyalty and new revenue streams

Experiences are one of the most powerful levers of brand loyalty among aspirational luxury clients, yet they are also one of the most unevenly deployed. Beyond the product itself, they translate brand value into lived moments, strengthening emotional connection, reinforcing legitimacy, and increasing the likelihood of repeat purchases. Across the aspirational base, 75% are likely to repurchase from a brand that offers complimentary, unique experiences, yet 43% do not receive these experiences.

However, the belief that experiences should remain purely complimentary no longer holds among many aspirational consumers. This presents an opportunity. Seventy-three percent of aspirational clients would pay to participate in an exclusive luxury event. This increases sharply with spend and purchase frequency, showing that experiences can be monetized if they deliver clear differentiation and exclusivity.

Subscription models extend this logic further. In 2026, 63% of aspirational luxury clients say they would consider a fee-based subscription from a luxury brand. This segment is not necessarily motivated by subscriptions that are transactional and short term. Nor do they appear to be motivated by a desire to access luxury at a lower price point. Instead, subscription provides an opportunity to monetize access to products, services and experiences through curated, privileged engagement that sustains continuity without undermining ownership.

3. Certified pre-owned can strengthen demand without diluting exclusivity

Certified pre-owned (CPO) is emerging as one of the most significant – and misunderstood – growth opportunities for luxury brands. The industry has approached the CPO business model with caution, but the report findings highlight a need to reframe these perceptions. Only 24% of aspirational luxury clients believe a maison offering CPO would appear less exclusive, and just 6% say it would make them less likely to purchase. By contrast, 46% report that a brand-led CPO offer would increase their likelihood to purchase. This rises to 53% among Gen Z, for whom CPO functions not as a downgrade, but as a credible, and environmentally sustainable, entry point.

Demand is strong. Sixty-two percent would purchase a CPO product directly from a luxury retailer, up eight percentage points on last year, rising to 87% among the highest spenders. When the maison takes ownership of the secondhand market, it acts as a guarantor of authenticity, condition and enduring value. This can provide aspirationals with a level of reassurance that third-party platforms struggle to replicate.

Vanessa Barboni Hallik, Co-CEO of sustainable luxury brand Another Tomorrow, sees CPO as having multiple benefits: “We are investing meaningfully in advancing our Authenticated Resale model leveraging our partnership with Aura Blockchain Consortium and adding further features to reduce seller friction and allow buyers enhanced ability to request prior season or out of stock items.”

Sustainability is a meaningful motivation, particularly among younger generations. Thirty-two percent of Gen Z and millennials cite sustainability among their top influencing factors (compared with 25% for Gen X and baby boomers). Brand-led CPO makes sustainability a tangible, trust-driven component of the luxury experience – a continuation of the product lifecycle that proves that value endures beyond newness.

4. AI can augment experiences, but not replace them

Luxury consumers are already embracing AI-powered tools across their purchase journey. In 2026, 94% of aspirational luxury clients feel that AI could enrich their shopping experience, with 57% rating AI-powered features as very, or extremely, appealing.

Gonzague de Pirey, Chief Omnichannel and Data Officer at LVMH, is ambitious for AI, but aware of the need for balance. “These quantitative insights are an important confirmation that AI is already part of our clients’ journey. Today it is used to prepare their purchase; tomorrow it will be expected across their experience. As a luxury group we have to navigate these changes, ensuring they are always human-centered and undertaken in the service of creativity, quality and experience.”

This openness to AI is particularly strong among younger cohorts and increases with spending levels. The most common use cases are enhanced online search and personalized suggestions.

But acceptance comes with a clear boundary: Technology must serve the brand relationship, not replace human expertise. In-person boutique experiences remain the cornerstone of luxury purchases and are the final purchase channel for 71% of respondents. What clients value there is human: in-store pampering, interaction and expert style recommendations. Reservations about digital reinforce the same instinct – the fear of losing the human touch is among their leading concerns.

For luxury retailers, the opportunity lies in designing AI-enhanced touchpoints as extensions of the client advisor, preserving room for human judgment, taste and interaction. Used well, AI can scale personalization and guidance to deepen engagement and support conversion. However, it cannot offset shortfalls in product or service quality, nor should it weaken the emotional and human factors that define luxury relationships.