{"id":155232,"date":"2024-12-26T09:00:06","date_gmt":"2024-12-26T08:00:06","guid":{"rendered":"https:\/\/luxus-plus.com\/?p=155232"},"modified":"2025-10-14T12:18:32","modified_gmt":"2025-10-14T10:18:32","slug":"how-will-the-luxury-goods-industry-fare-in-2024","status":"publish","type":"post","link":"https:\/\/luxus-plus.com\/en\/how-will-the-luxury-goods-industry-fare-in-2024\/","title":{"rendered":"How will the luxury goods industry fare in 2024 ? "},"content":{"rendered":"

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.
\n<\/h4>\n

 <\/p>\n

In the luxury goods sector, an unexpected scenario<\/strong> has finally struck in 2024, after three sumptuous years<\/strong>.<\/p>\n

 <\/p>\n

While consultancy firm Bain & Company<\/strong> had anticipated annual growth of between 0 and 4%<\/strong> for its annual study conducted with the Fondazione Altagamma and published in mid-November, a 2% downturn is finally expected for the year to come. <\/strong>This is in stark contrast to the 18-20% growth seen between 2019 and 2023.<\/strong><\/p>\n

 <\/p>\n

This situation is the result ofa downturn in the Chinese market<\/strong>, the sector’s key market, which accounts for up to 40% of sales for some brands<\/strong>. Faced with the turbulence in the Middle Kingdom, many players have made the United States<\/strong>, the leading luxury market by value, the growth driver par excellence for 2024<\/strong>, with numerous brand activations and store openings.<\/p>\n

 <\/p>\n

New challenges<\/h2>\n

 <\/p>\n

In 2024, the luxury goods sector experienced a marked slowdown after several years of strong growth<\/strong>. In its annual study, Bain & Company notes that this is the first time since the 2008 recession that the luxury sector has suffered such a slowdown. <\/strong>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.<\/strong><\/p>\n

 <\/p>\n

The industry is faced with a delicate balance: continuing to grow while meeting growing expectations in terms of price and sustainability.<\/strong> 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.<\/p>\n

 <\/p>\n

Luxury has also been impacted by the slower-than-expected economic recovery in its key market: China.<\/strong> The first effects of the reorientation of the economy<\/strong>, massive youth unemployment<\/strong> and a persistent property crisis<\/strong> began to be felt by most players in the sector in the second quarter. At the same time, the consequences of the COVID-19 pandemic and persistent travel restrictions have somewhat altered purchasing behaviour and weakened investor confidence.<\/p>\n

 <\/p>\n

\"\"
\u00a9 Katherine Gu\/Unsplash<\/figcaption><\/figure>\n
\n
\n\t\t
\n\t\t\t
\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t
<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tTo continue reading this article, subscribe or log in to your account<\/b><\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\r\n
\r\n\r\n\r\n
\r\n\r\n

Discover our plans<\/p> \r\n<\/div>\r\n\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\t\t\t