For those sectors, refer to or reports from McKinsey , Deloitte , or KPMG .

Consumers are prioritizing luxury experiences —such as high-end hospitality (+4%), fine dining (+8%), and luxury cruises (+30%)—over tangible goods.

For years, China was the engine of the luxury industry. In 2024, that engine stalled.

: Continuous price increases by fashion houses over the last few years have broken the traditional price-to-value equation.

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

If you’ve searched for the you’re likely an industry professional, investor, student, or luxury enthusiast looking for authoritative data on the global personal luxury goods market. Published annually by Bain & Company in partnership with Altagamma (the Italian luxury goods manufacturers’ association), this report is the gold standard for tracking market performance, consumer trends, and future forecasts.

: Highly cyclical categories like luxury footwear, watches, and leather goods suffered sharp contractions. Aggressive brand price hikes without matching product innovation left aspirational shoppers alienated.

Looking ahead to 2025, the Bain report forecasts a "mild 2% erosion" to €358 billion, equating to a flat performance at constant exchange rates. However, the long-term outlook remains positive. Bain's forecasts suggest the market is still set for robust underlying sales growth over the next decade. The study outlines that to unlock this future growth, brands will need to embrace new strategies:

The Bain report covers only (e.g., handbags, watches). It excludes:

Brands have increasingly focused on Very Important Clients (VICs) , who now account for 45% of global luxury purchases. However, even these top spenders are reporting a "loss of exclusivity" and a feeling that experiences have become too transactional.

The defining narrative of the Bain 2024 report is the changing behavior of the luxury consumer, split clearly between two main tiers. The Decline of the Aspirational Consumer