Following years of double-digit growth driven by revenge spending, the global luxury market experienced a noticeable deceleration in 2024. Total luxury spending—encompassing personal goods, hospitality, fine wines, and experiential luxury—reached an estimated €1.5 trillion, remaining relatively flat or showing low single-digit growth compared to 2023. Personal Luxury Goods Decline
If you haven't had time to digest the full PDF, here is a breakdown of the most critical insights from the report and what they mean for the future of the luxury market.
The global luxury market is projected to reach approximately €1.5 trillion in 2024, remaining relatively flat compared to 2023 (growth between -1% and 1%).
: Shoes and watches both declined by 5% to 7% , heavily impacted by price hikes and a slowdown in aspirational shopping. Strategic Outlook
2024 GLOBAL LUXURY MARKET AT A GLANCE ┌──────────────────────────────────────┬──────────────────────────────────────┐ │ Total Sector Value │ €1.48 Trillion (Flat YoY) │ ├──────────────────────────────────────┼──────────────────────────────────────┤ │ Personal Luxury Goods │ €364 Billion (Down 2%) │ ├──────────────────────────────────────┼──────────────────────────────────────┤ │ Brand Performance Polarization │ Only ~33% of brands achieved growth │ ├──────────────────────────────────────┼──────────────────────────────────────┤ │ Shrinking Consumer Base │ 50 Million fewer buyers over 2 years │ └──────────────────────────────────────┴──────────────────────────────────────┘ bain luxury report 2024 pdf
For years, China was the engine of the luxury industry. In 2024, that engine stalled.
Tourism has become a key engine for growth, with tourist spending on luxury goods growing by 7% to 9% in 2024. In contrast, purchases by local customers have declined, showing a trend where people spend more while on vacation than at home.
The 2024 PDF uses a heat map to visualize regional health. Here is the simplified translation:
After a post-pandemic boom that saw the luxury industry reach stratospheric heights, the party had to end eventually. According to the highly anticipated , titled Will the Music Stop? , the industry is currently experiencing a "gentle landing" or, more accurately, a "correction." Following years of double-digit growth driven by revenge
The global luxury industry reached a significant turning point, marked by economic rebalancing and shifting consumer priorities. According to the , published in collaboration with Altagamma, overall global luxury spending is projected to hover near €1.5 trillion . However, the core of the sector—the personal luxury goods market —faces its first real contraction since the 2008 financial crisis (excluding the brief shock of the 2020 pandemic), with an estimated 2% decline to €363 billion at current exchange rates.
Detailed market share analysis for top luxury conglomerates. In-depth analysis of the secondhand luxury market. The impact of Gen Z and Gen Alpha on future trends.
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For professionals, investors, and enthusiasts looking to analyze the data further, searching for "bain luxury report 2024 pdf" will yield detailed insights from and Fondazione Altagamma . This article breaks down the core findings of that report. 1. Global Luxury Spending: A Shift from Growth to Stability The global luxury market is projected to reach
The report emphasizes that luxury is becoming a "game of inches" dictated by the top 2–5% of customers.
Consumer behavior shifted significantly, creating distinct winners and losers:
The 2024 data published by Bain & Company in partnership with Italy's luxury goods manufacturers' industry association, Fondazione Altagamma , exposes a stark divergence within consumer spending. Consumers shifted their financial priorities away from physical assets toward memorable experiences.