As 2024 draws to a close, it’s time to take stock. After a year marked by many unforeseen economic and geopolitical events, what has been the impact on the luxury world ? Let’s take a look back at the main results of some of the luxury groups that had to cope with the fluctuations in the sector’s performance this year.
New challenges
In 2024, the luxury goods sector experienced a slowdown after several years of strong growth. Despite sustained demand in certain regions, brands have had to deal more than ever with the various issues of our time: geopolitical tensions, ecological transition and economic uncertainties.
The industry is faced with a delicate balance: continuing to grow while meeting growing expectations in terms of price and sustainability. The major houses have had to rethink their strategies: between innovation, respect for heritage and the implementation of ethical practices, adapting to these new challenges has challenged the dominance of some of the sector’s major groups.
Luxury goods have also been affected by the slower than expected economic recovery in China, a key market for the industry. Indeed, the consequences of the COVID-19 pandemic and persistent travel restrictions have somewhat altered purchasing behavior and weakened investors.
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Read also > Hermès achieves double-digit growth in the first quarter of 2024
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