2024 Pdf — Bain Luxury Report
Luxury in Transition: Securing Future Growth - Bain & Company
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For the first time since the Great Recession—excluding the anomaly of the 2020 pandemic lockdowns—the personal luxury goods market is experiencing a notable slowdown. While overall luxury spending across all nine tracked segments sits at roughly €1.48 trillion, performance varies wildly between experiences and tangible products.
The global map of luxury consumption underwent significant fragmentation, defined by a dramatic cooling in mainland China and a tourist-driven boom in Japan. bain luxury report 2024 pdf
The "Noisy Luxury" of the past (loud logos and viral collaborations) is giving way to "Quiet Luxury" and "Undercover Luxury." Consumers are increasingly skeptical of marketing hype.
Perhaps the most striking statistic in the report is the erosion of the luxury customer base. The study estimates that . These are aspirational and middle-tier customers who have either been priced out or have consciously opted out due to economic uncertainty and continuous price increases.
Fine jewelry outperformed other categories. Consumers viewed hard luxury, precious metals, and investment-grade gemstones as safe stores of value during volatile economic times. Luxury in Transition: Securing Future Growth - Bain
Gen Z advocacy for luxury is declining due to continued price elevation and a perceived "weakened value equation". 3. Shift Toward Experiences over Goods
While many categories struggled, some segments showed remarkable strength. Consumers, particularly younger ones, shifted their spending towards more accessible luxuries.
Elara wasn't a thief. She was a data archaeologist. The global map of luxury consumption underwent significant
For all the data, charts, and expert analysis, be sure to download the official PDF using the link provided above.
In the long term, however, the outlook remains positive. Bain predicts a return to solid, low-to-mid-single-digit growth, driven by anticipated increases in global wealth and the expansion of the luxury consumer base, particularly from emerging markets in Latin America, India, Southeast Asia, and Africa.
