The total luxury market (including goods and experiences) remains near record highs but faces headwinds.
The standout insight: the aspirational middle-class consumer has pulled back significantly, while top-tier VIC (Very Important Client) spending remains robust. This explains why ultra-high-end brands (Hermès, Brunello Cucinelli) are fine, while accessible luxury (some entry-level bags, watches) is hurting.
After years of record-breaking growth, the global luxury market is experiencing a cooling period. According to the latest findings, the market is projected to see a slight contraction or flat growth in the first half of 2024.
This comprehensive analysis breaks down the key findings, data points, and strategic imperatives outlined in the 2024 report. Market Overview: A Year of Stabilization and Selectivity bain luxury report 2024 pdf
The report highlights a divergence between the and the Aspirational Consumer .
The Bain & Company Luxury Goods Worldwide Market Study (2024) reports a significant market slowdown, with personal luxury goods projected to dip 2% to €363 billion as consumers prioritize experiences over tangible products. While only one-third of brands are expected to see growth, the industry faces profit margin pressure and a shrinking customer base, prompting a shift toward "post-elevation" strategies. For the full report, visit Bain & Company Bain & Company
: The luxury market lost approximately 50 million customers over the last two years, largely due to high price increases and economic uncertainty affecting aspirational buyers. The total luxury market (including goods and experiences)
Focusing on operational excellence and tech-enabled execution to manage mounting pressure on profitability.
Bain & Company typically releases the full study exclusively to its clients and strategic partners. However, a comprehensive executive summary and press release version of the 2024 report is available in PDF format via Bain’s official website. This article provides a detailed breakdown of the 2024 findings, where to locate the official PDF, and how to interpret the data for strategic planning.
The report underscores a sharp polarization across the world’s critical luxury epicentres: After years of record-breaking growth, the global luxury
The core market is feeling the pressure of price increases, economic uncertainty, and a shrinking customer base.
This core segment is expected to dip by roughly 2% to €363 billion at current exchange rates.