Consumers are increasingly calculating the "value" of luxury items.
The Bain & Company Luxury Goods Worldwide Market Study (2024) reports a significant market slowdown, with personal luxury goods projected to dip 2% to €363 billion as consumers prioritize experiences over tangible products. While only one-third of brands are expected to see growth, the industry faces profit margin pressure and a shrinking customer base, prompting a shift toward "post-elevation" strategies. For the full report, visit Bain & Company Bain & Company bain luxury report 2024 pdf
Outlets are currently outperforming full-price stores as consumers hunt for value. Brands must transform physical boutiques into "experiential destinations" to justify high prices. Consumers are increasingly calculating the "value" of luxury