Brands that relied heavily on entry-level price points to drive volume growth are feeling the pinch. The era of "masstige" is cooling as the wealth gap widens.
Bain predicts that the market will return to a positive trajectory by late 2024 or early 2025. To succeed, brands must focus on: bain luxury report 2024 pdf
Luxury in Transition: Securing Future Growth - Bain & Company Brands that relied heavily on entry-level price points
In 2024, the global luxury market reached approximately , remaining relatively flat with a growth rate between -1% and 1% at constant exchange rates . The year was defined by a significant "normalization" phase following the post-pandemic boom, as consumers shifted their spending from tangible goods toward luxury experiences . Key Findings for 2024 the global luxury market reached approximately