In 2024, 50 million people have stopped buying luxury brands, according to a report by Bain & Co and Altagamma. In a historic decline, the report recommends re-evaluating the brands' value proposition and creativity.
After years of golden growth, the global luxury goods market is set to fall by 2% in 2024 (in value terms, at current exchange rates), according to the annual report by U.S. based Bain & Co on November, 13. The last market declines date back to 2020 and 2009. At constant exchange rates, however, this market should remain stable. While in June, Bain forecasted growth of between 0% and 4% for 2024 based on Q1 figures, “Q2 was particularly difficult, said Federica Levato, Partner and Author...
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