After years of rapid growth, luxury has entered a new chapter. In 2024, the global personal luxury goods market declined – its first contraction since the financial crisis, excluding Covid – and around 50 million consumers stepped back from the category. While 2025 brought signs of stabilization, the shift revealed something more fundamental: consumers are no longer asking only whether they can afford luxury, but whether it is truly worth it.

Around 300 guests gathered at The Dolder Grand in Zurich for the Forbes Swiss Luxury Summit 2026, co-hosted by Forbes Swiss and FACES, to explore what this reset means for the future of luxury and how craftsmanship, provenance, credibility and emotional relevance are redefining value in an increasingly unforgiving market.

Following a musical opening by KEZA, Stefan Berger of FACES and Forbes Swiss Editor-in-Chief Klaus Fiala welcomed the audience. The opening keynote, “The State of Luxury in 2026”, was delivered by Felicitas Morhart of The Swiss Center for Luxury Research and explored how the power dynamics of luxury are changing. Morhart placed luxury within a broader discussion about power, distinguishing between dominance and prestige as two very different ways of gaining status and influence. As she put it: “Instead of engaging in a destructive battle of dominance, we can use our soft power again – pulling people in through attraction, values and culture.”

The topic was then explored further with Morhart and Oliver R. Müller of LuxeConsult. Müller challenged the notion of a general “luxury fatigue”, arguing that consumers are not turning away from luxury itself, but from brands that merely perform luxury without substance: “I think people have a fatigue about fake luxury. There are many brands calling themselves luxury and they don’t know luxury – because they don’t have the legacy, the craftsmanship or the real compelling story.”

The discussion was followed by the interview “Seven Generations of Making World-Class Champagne” with Frédéric Rouzaud of Maison Louis Roederer. The conversation showed how heritage, family ownership and long-term thinking shape one of Champagne’s most renowned maisons. As Rouzaud explained: “Having my family behind me as a shareholder gives me a fantastic tool, which is time. They ask me to put the company in the next 20 to 30 years, and not only in the next three months’ profit. And time is key if you want to create the most emotional wine.”

With Alexandra Bagehorn of Montblanc, the summit then turned to the cultural meaning of writing in the panel “Let’s Write History: Montblanc’s Cultural Signature.” As Bagehorn put it: “We are in a very fast communicating world. But taking a moment, slowing down, putting your notes on paper, writing a long letter or even a personal note – it gains more value. A Montblanc writing instrument stands for personal achievement or self-expression. And I think that becomes even more important when you start to write your own story with it.”

This idea of personal meaning beyond the object itself led naturally into the next conversation: “From Passion To Asset” with Gzim Hasani of smzh. The discussion explored how emotional value, scarcity and story can turn objects of passion into assets. “You cannot control when a passion becomes an asset. What matters is the story behind it, the connection, the emotion and the fact that certain things cannot simply be reproduced. It becomes an asset that stands for far more than just a price”, Hasani said.

The summit then shifted from traditional luxury to the value of time, safety and human life in the panel “For Rescuers, By Rescuers: Why First Aid Is The Ultimate Luxury” with Georg Hauzenberger and Livia Somkuti of sureVIVE. “What we’re actually trying to save is time for rescuers. In scenarios such as out-of-hospital cardiac arrest, it is crucial that an intervention takes place and that the circulatory system is restarted as fast as possible”, said Hauzenberger about the urgency behind the Swiss technology platform that connects rescue organisations and first responders. Somkuti added: “The more that network grows, the better it will be for society as a whole – getting help faster to people, passing on more information and breaking down those silos.”

After a networking break, the programme resumed with a panel on “How Circular Luxury Could Become The New Normal”, featuring Yannik Zamboni of Maison Blanche and Nicolas Freudiger of ID Genève. The discussion explored why circular luxury cannot rely on sustainability as a selling point alone, but must also convince through design, innovation, quality and a credible understanding of value. As Zamboni explained: “If you want to have a sustainable brand, for me, that also includes paying people fairly. And if you pay people fairly, you’re going to spend money. People go to our online shop and ask why we are so expensive. But we need more time, more research and more work before a product is finished – and at the end, you see that in the price.” Freudiger added: “When we talk about circularity, the cost of nature is usually outsourced and given to society. What we are trying to do is internalize that cost. That is why it is more expensive and why it takes more time. But the goal is not just to be known as recycled watches – the goal is to become the most eco-innovative watches.”

The summit then turned to one of the most visible expressions of luxury: real estate. In “Selling Dreams: A Deep-Dive Into Luxury Real Estate,” Quentin Epiney of Forbes Global Properties Swiss & Alps reflected on the emotional and ethical dimensions of the market. For him, real estate is never only about property: “We’re not just talking about a construction, a house, a villa or an apartment. We’re talking about all the important moments of life – the protection that we give to our family, the security that we want to feel and make feel to those we love, and the moments of comfort we want to share.” At the same time, he emphasized the responsibility that comes with operating in the luxury segment: “Luxury feels better when you enjoy it in a society where the people around you have access to security, to resources, to opportunities.”

In the keynote “The Art of Automotive Photography,” René Staud of Staud Studios brought the audience into the world of visual storytelling. Drawing on more than five decades of automotive photography, he reflected on cars as objects of emotion, character and cultural meaning – and on what AI can and cannot replace. As Staud put it: “Great photography is not simply about creating beautiful images. It’s about creating images that carry meaning, context and cultural elements. The most powerful photographs tell stories long after the viewer has stopped looking at them. That remains, at least for now, one of the great strengths of human creativity.”

A more contemporary form of influence followed in the discussion with Cedrik Lorenzen, one of Switzerland’s most successful food creators. The conversation explored how digital influence, culinary ambition and craftsmanship intersect in the world of food content. Lorenzen explained: “Luxury really starts with the ingredients – sourcing the best ingredients possible and then showcasing them as best as possible in the final result. And the final result is based on research, editing and the final compilation.”

Entrepreneurship took centre stage in “Selfmade Luxury: The Gisada Story” with Arben Ademi of Gisada. The conversation explored how a brand from Winterthur grew into an international luxury player – and why building outside the traditional luxury capitals can become part of the story. “I don’t understand why it always has to be Milan, Paris or London. Winterthur motivated us to work hard, to believe in what we were doing and to prove that you can also build something from here that reaches the big metropolises”, said Ademi and added: “In 20 years, Gisada should not only stand for one fragrance. It should be a general luxury brand across different categories – and proof that even a small house from Winterthur can play on a very big stage.”

The day concluded with Jean-Claude Biver in the panel “Chasing Eternity: Lessons From 50+ Years in Watchmaking.” Reflecting on entrepreneurship, legacy and the responsibility that comes with success, Biver turned the conversation into a deeply personal meditation on what luxury ultimately means. As he put it: “I never forget where I come from. And I never forget that the real value in life comes from sharing. The more privileges you have – because you are born into a good family, because you have been educated by good people – the more you must give back. Today, my obsession is to give back. And if I can give back now, I will have achieved my life. That is the biggest luxury of my life.”

Luxury, the summit made clear, is not disappearing. It is becoming more deliberate. Its future will be shaped by those who understand that true value is not only created through what is sold, but through what endures.

 

 

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Photos: Sören Funk