Luxury brands lose ground with younger audience

Luxury market growth is flattening out, according to the latest findings from global consulting firm Bain & Company

Nov 19, 2024

Global luxury spending is expected to approach €1.5 trillion in 2024, showing minimal growth compared to 2023, with an expected year-over-year change of -1% to 1%, according to the latest report from Bain & Company.

Key takeaways

• Amid ongoing economic uncertainty and rising brand prices, global luxury shoppers are cutting back on non-essential purchases;
• Demand for luxury experiences remains strong as consumers prioritize travel, social gatherings, and wellness activities over material possessions.

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