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The report concludes that while 2024 was challenging, long-term fundamentals remain solid, with the market expected to grow to €2 trillion–€2.5 trillion by 2030
Experienced a sharp slowdown due to weak consumer confidence and "luxury shame," leading consumers to favor understated designs over loud logos. Americas (-1%): bain luxury report 2024 pdf
After years of sharp increases, brands may need to reconsider their pricing strategies to maintain appeal without degrading brand equity. The report concludes that while 2024 was challenging,
One of the most striking revelations in the is the contraction of the consumer base. The global luxury market lost approximately 50 million consumers over two years. This attrition is predominantly driven by: The global luxury market lost approximately 50 million
Brands must focus on building stronger emotional connections to fight the shrinkage in their customer base.
The Bain 2024 report highlights stark differences in performance across major economic regions, driven by local consumer confidence and macroeconomic pressures.