Business · Companies · 4 hrs ago
McKinsey executive says Spain needs its own definition of luxury
Gemma D’Auria of McKinsey says Spain needs to define its place in luxury and decide what it wants the country to represent.
The global luxury industry is facing geopolitical uncertainty and changing customer demands, while years of price rises have drawn a negative response.
McKinsey’s internal surveys point to future price increases of 2% to 5%, a slower pace than the double-digit rises of recent years.
Some customers are delaying purchases, buying less or turning to resale as living costs and prices rise.
China, once a major driver of luxury sales, is contracting as more customers choose local brands.
D’Auria says Spain has potential, but needs a clearer, consistent luxury identity to compete with countries such as Italy and France.
Gemma D’Auria, McKinsey’s global co-leader for textiles, fashion and luxury, says Spain needs to define what it wants to represent in the luxury sector.
She says Spain lacks a unique, coherent narrative compared with countries such as Italy and France.
D’Auria says the luxury industry faces geopolitical uncertainty, changing consumer demands and the need to remain desirable.
McKinsey’s internal surveys indicate luxury price increases may moderate to 2%–5%, after years of double-digit rises.
She says China’s market is contracting as more Chinese customers choose local brands.
- Who
- Gemma D’Auria, McKinsey’s global co-leader for textiles, fashion and luxury.
- What
- She says Spain needs its own definition and a clearer identity in the luxury sector.
- When
- The interview was published on 1 November 2026.
- Where
- Spain and the global luxury industry.
- Why
- Spain’s message about luxury is not yet clear, and D’Auria says the country needs a coherent narrative and a standard for which it can be recognised globally.
This story does not have two clearly opposing sides.
The luxury sector recorded strong price increases.
Price rises and the higher cost of living, together with inflation, have prompted some customers to rethink their spending.
Expansión published its interview with D’Auria.
- Price increase outlook
- 2%–5%, according to McKinsey’s internal surveys
- Customer spending range
- €5,000–€50,000 a year
- Spain’s comparison
- Italy and France are described as having clear visions of luxury in their national identities
- Madrid event
- Formula 1 is cited as an event that puts Spain on the international stage
What people are saying
Spain must find its own definition and decide what it wants to represent in the world of luxury
We are going through a perfect storm
The quality of the product and the artisanal legacy are at the core of luxury, but they are no longer enough to drive desirability and purchase
China is becoming very good at building local brands, even in the luxury space