2. Regional Breakdown: Striking Divergence and Polarized Markets
The 2024 report highlights a major shift in what people are buying:
GLOBAL LUXURY MARKET 2024 (Total: €1.48 Trillion) │ ┌───────────────────────────────┴───────────────────────────────┐ ▼ ▼ Experiential & Asset-Heavy Segments Personal Luxury Goods (Luxury Cars, Cruises, Fine Dining) (Fashion, Watches, Leather) Status: Growing / Resilient Status: First Non-COVID Driven by: Shift to experiences Slowdown Since 2008 (-2%)
Spending on luxury travel, fine dining, and "well-being" is outperforming the sale of physical goods like handbags. bain luxury report 2024 pdf
According to Bain & Company's findings , the market is shifting from a post-pandemic "boom" toward a period of normalization and "structural reset".
💡 The luxury market in 2024 isn't in a crisis; it’s in a recalibration . Brands that prioritize authenticity and deep customer relationships will weather the storm.
To access the Bain Luxury Report 2024, I recommend: 💡 The luxury market in 2024 isn't in
For those interested in gaining a deeper understanding of the luxury goods market and its future prospects, the Bain Luxury Report 2024 PDF is an indispensable resource. The report is available for download from Bain & Company's official website or through subscription services that offer access to industry reports.
Faced a sharp and worsening slowdown (declining 20-22% ), driven by low domestic consumer confidence and the outflow of spending to overseas markets.
: China faced a severe correction, dropping rapidly throughout 2024. Weakened consumer confidence combined with local consumers opting to purchase luxury items abroad (specifically in Japan) rather than at home. Category Analysis: Products vs. Experiences The report is available for download from Bain
: The market saw a shrinking consumer base and increased reliance on Very Important Clients (VICs), who now drive 45% of purchases.
While China stumbled in 2024, Japan became the star performer.
The 2024 PDF uses a heat map to visualize regional health. Here is the simplified translation:
The market lost roughly 50 million customers over the last two years, shrinking from 400 million to 350 million.