: Consumers are actively choosing to spend on high-end travel, wellness, and elite events rather than apparel or leather accessories. 2. Polarization of Segments: Products vs. Experiences
The 23rd edition of the Bain-Altagamma Luxury Study found that overall luxury spending across all segments—including luxury cars, hospitality, and personal goods—totaled €1.48 trillion globally in 2024. This represents a slight decrease of 1% to 3% at current exchange rates. At constant exchange rates, the market effectively stagnated, landing between a 1% decline and a 1% increase. This flat performance is a significant shift after the post-pandemic boom, but it's worth noting that the 2024 level still exceeds pre-pandemic (2019) figures.
Released in , the report (full title: Bain-Altagamma Luxury Study ) analyzes the calendar year’s performance of the personal luxury goods market — including categories like:
, ending its long run as the industry's primary growth engine as consumers stayed "below the radar". Americas & Europe
The Bain & Company Luxury Goods Worldwide Market Study 2024 characterizes the year as a "transition" phase, with global luxury spending remaining flat at €1.5 trillion and the personal luxury goods market dipping 2% to €363 billion. Key trends include a contraction in the customer base, significant brand polarization, and a shift toward experiences over products, with Japan leading growth while Mainland China faces a sharp decline. Read the full report insights at Bain & Company . bain luxury report 2024 pdf
Sustained by tourism, particularly in Southern Europe and Tier-1 cities, though local demand remained normalized. Bain & Company Category Winners While shoes and watches faced steep declines, Beauty (+3–5%) Eyewear (+3–5%) remained resilient as consumers sought "small indulgences".
Luxury in Transition: Securing Future Growth - Bain & Company
Note: You can download the full Bain & Company Luxury Study 2024 PDF directly from the Bain & Company official website to view the complete data sets and regional breakdowns.
2024 Global Luxury Spending Overview ┌──────────────────────────────────────────────────────────────────┐ │ Total Market: ~€1.5 Trillion │ └────────────────────────────────┬─────────────────────────────────┘ │ ┌───────────────────────┴───────────────────────┐ ▼ ▼ Personal Luxury Goods Luxury Experiences (Fashion, Bags, Watches) (Cruises, Hospitality, Fine Dining) ▼ Decreased by 2% ▼ Robust, Positive Growth The report segments this macroeconomic divide clearly: : Consumers are actively choosing to spend on
In 2024, the global luxury market reached approximately , remaining relatively flat with an estimated growth rate between -1% and 1% . The year was marked by a "normalization" phase following the post-pandemic boom, characterized by a significant shift in consumer spending from tangible goods to luxury experiences. Key Market Performance
2. Regional highlights * Europe retained its position as the largest region in terms of market size. The Americas stayed No. ... * Bain & Company Finding a New Longevity for Luxury | Bain & Company
For luxury brands, 2024 has been a year of recalibration. The "revenge spending" spree is over, macroeconomic headwinds are blowing harder, and the aspirational consumer is pulling back.
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