The report clearly quantifies the 2024 “normalization.” It confirms a marked slowdown (2-4% growth at current rates vs. double-digits in 2023), driven by a US dip, a sluggish Chinese recovery, and European stagnation. It doesn’t sugarcoat the end of the post-COVID boom.
: Continuous price increases by fashion houses over the last few years have broken the traditional price-to-value equation.
: Japan saw high growth ( +12-13% ) driven by tourism, Europe grew slightly ( +3-4% ), while the Americas and China faced challenges.
Authored by Claudia D’Arpizio, Federica Levato, Andrea Steiner, and Joëlle de Montgolfier, the study estimates that . This represents a slight decrease of 1% to 3% at current exchange rates compared to 2023. At constant exchange rates, the market is considered to be relatively flat, with a final growth rate poised to be somewhere between a decline of 1% and an increase of 1%. bain luxury report 2024 pdf
Perhaps the most significant narrative in the 2024 report is the divergence between consumer tiers.
The Bain report provides deep insights into the changing customer dynamics. The contraction has led to a "polarized customer base," where loyalty and advocacy are under threat, especially among younger generations.
Disclaimer: This article is for informational purposes. Bain & Company retains all copyrights to its original reports. Always download directly from the official source. The report clearly quantifies the 2024 “normalization
Luxury in Transition: Securing Future Growth - Bain & Company
: The digital revolution continues to impact the luxury sector profoundly. The Bain Luxury Report 2024 PDF emphasizes the growing importance of e-commerce and digital channels in reaching luxury consumers. Brands are investing heavily in their online presence, digital marketing, and social media engagement to capture the attention of tech-savvy consumers.
It is critical to note that the primary reflects data up to September 30, 2024. However, Bain publishes a "flash update" in late November. : Continuous price increases by fashion houses over
Japan has emerged as the standout performer in 2024. A weak Yen has turned the country into a global hub for luxury tourism, attracting shoppers from across Asia and the West looking for better price points. 3. United States and Europe
At 4:32 AM, a grainy image arrived. It was a photo of a glossy PDF page open on a train’s fold-down table, a champagne flute blurring the margin. The headline read: "The Silent Disruption: Personal Luxury Goods at +2-4%, but the 'Superior' segment (top 2% of clients) drives 40% of growth."
: Consumers are actively choosing to spend on high-end travel, wellness, and elite events rather than apparel or leather accessories. 2. Polarization of Segments: Products vs. Experiences