For the first time in 15 years, the latest annual report on the global luxury market by Bain & Company and Altagamma highlights a slight decline in sales of personal goods in 2024, offset in part by growth in experiential spending. And for the first time in 23 years, the number of luxury consumers has fallen.
Last November, consulting firm Bain & Company unveiled its latest semi-annual study on the state of global luxury, conducted in partnership with Fondazione Altagamma, featuring a number of predictions. The partners have just unveiled the final version of this 23rd edition, in which they provide “quantitative evidence and analysis of what was predicted.”
Global luxury spending covered by the study includes both luxury products and experiences in nine segments, including luxury cars, personal luxury goods and luxury hotels. In all, this represents 80% of the total market.
Slight slowdown in 2024
The first confirmation is that global luxury spending fell slightly in 2024, by 1% to 3% at current exchange rates compared to 2023, to 1.48 trillion euros worldwide. At constant exchange rates, the final growth rate is expected to be between a decline of 1% and an increase of 1%. The authors see this as “a normalization after the strong growth seen in 2022 and 2023, although the longer-term historical trend remains positive, with performance in 2024 still exceeding pre-Covid levels”.
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