Bain Luxury Report 2024 Pdf »

Luxury in Transition: Securing Future Growth - Bain & Company

The global map of luxury consumption underwent significant fragmentation, defined by a dramatic cooling in mainland China and a tourist-driven boom in Japan.

Luxury in Transition: Securing Future Growth - Bain & Company

Sales in the Americas were relatively flat or slightly down, around €100 billion, reflecting a cautious consumer sentiment and fewer high-end impulse purchases.

. You can view more detailed summaries of these findings on the official Bain & Company insights page from the report or more information on regional trends like the shift in China? bain luxury report 2024 pdf

: Major fashion houses implemented aggressive price hikes over the preceding four years. By 2024, these cumulative increases began alienating even affluent demographics who felt the price hikes outpaced product innovation.

Let’s start with the hard data. The Bain report highlights a significant deceleration compared to the record-breaking years of 2022 and 2023.

of brands achieved growth in 2024, compared to two-thirds in the previous year. Resale & Value Focus: The secondhand luxury market grew by

Luxury in Transition: Key Insights from the Bain Luxury Report 2024 Luxury in Transition: Securing Future Growth - Bain

TOTAL GLOBAL LUXURY SPENDING (2024) €1.48 Trillion (Flat YoY: -1% to +1%) │ ┌───────────────────────┴───────────────────────┐ ▼ ▼ PERSONAL LUXURY GOODS LUXURY EXPERIENCES €364 Billion +3% Growth Wave (-2% Current FX Drop) (Hospitality, Dining, Cruises)

As mentioned, the full slide deck is proprietary. However, you can access the official summary and methodology:

Growth is no longer driven by selling more items, but by price increases and a focus on top-tier, timeless pieces. 🌍 Key Regional Trends

Bain experts suggest that the era of aggressive price hikes is nearing its limit. To maintain longevity for luxury , brands must rethink their strategies: You can view more detailed summaries of these

Profitability across the sector also came under significant pressure. The study notes that operating margins fell from 21% in 2022 to between 15% and 16% in 2024, driven by shrinking gross margins, inflation, and higher operating costs.

Luxury in Transition: Securing Future Growth - Bain & Company

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Only about one-third of brands are expected to show positive revenue growth in 2024, a sharp drop from 65% in 2023. Regional Breakdown: Growth vs. Contraction