The total luxury market (including goods and experiences) remains near record highs but faces headwinds.
According to the Bain Autumn 2024 Press Release , total global luxury spending—encompassing cars, hospitality, and fine dining alongside personal goods—held relatively steady at . However, the stagnation within personal luxury goods stems from two primary economic realities:
Authored by Claudia D’Arpizio, Federica Levato, Andrea Steiner, and Joëlle de Montgolfier, the study estimates that . This represents a slight decrease of 1% to 3% at current exchange rates compared to 2023. At constant exchange rates, the market is considered to be relatively flat, with a final growth rate poised to be somewhere between a decline of 1% and an increase of 1%. bain luxury report 2024 pdf
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While the overarching luxury umbrella remained resilient, individual performance varied drastically between physical items and intangible experiences. The total luxury market (including goods and experiences)
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of brands achieved growth in 2024, compared to two-thirds in the previous year. Resale & Value Focus: The secondhand luxury market grew by This represents a slight decrease of 1% to
The (officially published as the Bain-Altagamma Luxury Goods Worldwide Market Study ) outlines a profound, structural evolution across the high-end sector. The report reveals that global luxury spending reached €1.48 trillion in 2024, hovering between a 1% decline and a 1% growth rate year-over-year at constant exchange rates.
One of the key trends shaping the luxury market is the growing importance of sustainability. Consumers, particularly younger generations, are increasingly concerned about the environmental and social impact of their purchasing decisions. In response, luxury brands are prioritizing eco-friendly materials, reducing waste, and promoting recycling. For instance, many luxury fashion brands are incorporating sustainable materials, such as organic cotton and recycled polyester, into their collections.
Only about one-third of brands are expected to show positive revenue growth in 2024, a sharp drop from 65% in 2023. Regional Breakdown: Growth vs. Contraction
Luxury outlets and the secondhand market (now valued at €48 billion) are overperforming as shoppers seek better value for their money. Strategic Recommendations for Brands