For the first time in 15 years, the latest study of the global luxury market by Bain and Altagamma shows a slight decline in sales of personal goods in 2024, partly offset by the rise of experiential. And for the first time in 23 years, the number of luxury consumers has declined.
Last November, consulting firm Bain & Company previewed its latest annual study on the global state of luxury, carried out in partnership with the Fondazione Altagamma, including a number of predictions. The partners have now unveiled the finalized version of this 23rd opus, in which they provide “quantified proof 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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