Deep Dive: Bain & Company’s 2024 Luxury Market Analysis

The 2024 edition of Bain & Company’s Luxury Study, in collaboration with Fondazione Altagamma, reveals a nuanced picture of the global luxury market. With an estimated global luxury spending of €1.48 trillion, the market saw a slight contraction of 1% to 3% compared to the previous year. The key takeaways include a shift from luxury goods to experiences, with luxury hospitality witnessing growth, while sectors like luxury cars and personal luxury goods experienced declines. Regionally, Japan and Europe showed resilience and growth, while mainland China faced significant downturns. The report underscores a generational shift, particularly noting a decline in luxury brand advocacy among Generation Z. Looking ahead, the report forecasts a cautious recovery with a focus on personalization, technological integration, and a return to core luxury values such as craftsmanship and exclusivity.

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