The luxury market in Russia is growing contrary to global trends. And here's why

Global luxury brands are facing falling revenues: LVMH, a leading luxury goods manufacturer, left the top ten most expensive companies in Europe on September 15. Five years ago, luxury goods were considered a successful investment, but due to instability as a result of conflicts, interest in "heavy luxury" in the world is declining, while in Russia, on the contrary, demand for premium goods is growing. What is the peculiarity of Russian consumption and how the global luxury goods market is changing — in the "Izvestia" material.

Changing the consumer model

• Russian luxury consumption has become less emotional. The departure of the foreign luxury brands Chanel, Louis Vuitton, Cartier and Dior from Russia does not mean that heavy luxury can no longer be bought. But the traditional model, when luxury goods were bought in showrooms and branded boutiques, has transformed: now the same brands are purchased through intermediary platforms, independent distributors and a parallel import system. CDEK branded goods delivery service from abroad.Shopping reported that in 2025, the number of orders increased by 33% and revenue increased by 32.4%.

• Due to the growth of the intermediary chain, brands may lose control over the supply of their products, but the products of luxury brands such as Gucci, Prada and Brunello Cucinelli continue to arrive in Russia. High demand and weak brand control are stimulating the counterfeit market, so the participation of authenticator experts and special authentication services that use AI tools to verify the authenticity of branded clothing, shoes and accessories, luxury watches, bags and jewelry is playing an increasingly important role.

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Import substitution of premium brands

• Russian manufacturers were able to occupy the vacant niches of luxury goods. And not only in the segment of fashionable branded clothing, where Russian fashion designers have already made a name for themselves, but also in premium jewelry and watches. For Russian fashion designers and jewelers, entering the premium segment was complicated by the limited range and lack of long-term history and recognition, which form a significant part of the luxury brand's value. At the same time, Russian luxury goods manufacturers are well aware of their audience's preferences, so the experience of import substitution has proved even more successful for luxury brands than for the mass market.

• While global luxury consumption is focused on European brands, Russian buyers have discovered Asian premium brands, primarily luxury Chinese cars. This was also facilitated by the role of Asian countries in the parallel import of luxury goods. Now wealthy Russians in Asian countries are purchasing not only European luxury vintage, but also their own premium brands. In June 2026, the most expensive Chinese car on the Russian market, the Hongqi Guoya, was registered, which is called a direct competitor to the German Mercedes-Maybach S-Class and the Russian Aurus Senat. But there is still interest in luxury European brands: limited-edition collectible and vintage models. In particular, in 2026, the number of Lamborghini registrations in Russia increased by 48%, and in September, the Bugatti W16 Mistral supercar, released in a limited series, was registered.

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General market trends

• The global luxury market rose in 2019-2023 due to buyers from China. According to the McKinsey & Company consulting company, luxury goods were in unprecedented demand, which provided the sector with 5% annual growth. Heavy luxury increased revenues, while companies cared little about productivity gains: only the price tag on products provided this industry with more than 80% growth. This was followed by a prolonged recession, and it was only in 2025 that the heavy luxury market began to recover gradually, as shown by the Knight Frank Luxury Investment Index, published in April 2026. At the same time, analysts are cautious in their forecasts, and there are suggestions that the luxury market could change forever.

• The purchase of works of art turned out to be the best investment: Impressionist works showed the largest increase in value compared to 2025 (13.6%). Investments in luxury watches were also justified — they increased in price by 5.1%. Relative stability is demonstrated by investments in Birkin branded bags, which lost only 0.2% in price, as well as in colored diamonds (-1%) and collectible Tuscan wines (-1.7%). The cost of collectible cars decreased by 3.7%. At the same time, Knight Frank analysts note that buyers are becoming more pragmatic, and it is still difficult to say whether the luxury market will recover or become more selective.

• Bain Luxury Market Researchers & In July 2026, the Company came to the conclusion that the industry is changing under the influence of global and economic shocks, and the development of the AI industry is also affecting it. Customers are no longer willing to overpay for a brand: now the "heavy luxury" must justify the cost — uniqueness, quality and reputation. There is a demand for "quiet luxury" without ostentatious label displays and vintage luxury, which has retained its value even over time, while previously overvalued brands face capital outflows. Here, the preferences of Russian and foreign luxury consumers coincide.

• Since 2024, there has been a growing demand for luxury as a unique experience: wealthy people in China, Germany, the UAE, the UK and the USA spend huge amounts of money on expensive travel and luxury services. There is also such a trend in Russia, which is why domestic premium tourism is developing in the country: Kamchatka is considered an elite destination, where a week of luxury holidays can cost from 4 million rubles.