Luxury Market Statistics: What the 2024 Data Says About Size, Segments, and Buying Power
The luxury market in 2024 looked flat at the top line, but the details show a very different picture underneath.
Bain’s 2024 Luxury Report put the global luxury market at €1.48 trillion, with experience-led categories and a smaller, more concentrated customer base shaping the next phase of growth (Bain 2024 Luxury Report).
Table of contents
- Luxury market size at a glance
- The biggest segments
- Regional patterns that matter
- Who is actually driving purchases
- Channels, stores, and digital sales
- Brand performance signals from major groups
- What 2030 could look like
Luxury market size at a glance
The clearest number in the data is the headline size of the market itself: €1.48 trillion in 2024, as tracked by Bain & Company (Bain 2024 Luxury Report).
That figure includes nine segments, ranging from luxury cars and personal luxury goods to luxury cruises, fine art, and private jets and yachts (Bain 2024 Luxury Report).
A few points make the total more useful than it first appears:
- The market was roughly flat versus 2023, landing somewhere between a 1% decline and a 1% increase at constant exchange rates (Bain 2024 Luxury Report).
- The three largest segments, luxury cars, luxury hospitality, and personal luxury goods, accounted for 80% of total luxury spending (Bain 2024 Luxury Report).
- Only four luxury segments grew in 2024, and all of them were experience-linked (Bain 2024 Luxury Report).
At-a-glance facts
| Metric | 2024 figure | Source |
|---|---|---|
| Global luxury market | €1.48 trillion | Bain 2024 Luxury Report |
| Largest three segments share | 80% | Bain 2024 Luxury Report |
| Tourist spending share | 35% | Bain 2024 Luxury Report |
| Luxury customer base | about 350 million | Bain 2024 Luxury Report |
| Very important clients share of spending | 45% | Bain 2024 Luxury Report |
The headline takeaway is not that luxury stopped growing. It is that growth became more selective, more travel-linked, and more dependent on a small slice of high-value customers (Bain 2024 Luxury Report).
The biggest segments
Luxury cars remained the single largest segment in 2024 at €579 billion, even though the category declined by 5% at current exchange rates (Bain 2024 Luxury Report).
Luxury hospitality followed at €242 billion, rising 4% at current exchange rates (Bain 2024 Luxury Report). Personal luxury goods came in at €363 billion, down 2% at current exchange rates, and the first real-term slowdown in 15 years excluding the Covid period (Bain 2024 Luxury Report).
That mix matters because the market is not driven only by handbags and watches. The spending base now includes high-end travel, premium experiences, and adjacent categories that are less sensitive to the same cycle as product-led fashion.
Segment comparison
| Segment | 2024 value | Direction in 2024 | Source |
|---|---|---|---|
| Luxury cars | €579 billion | Down 5% | Bain 2024 Luxury Report |
| Luxury hospitality | €242 billion | Up 4% | Bain 2024 Luxury Report |
| Personal luxury goods | €363 billion | Down 2% | Bain 2024 Luxury Report |
| Jewelry | €31 billion | Flat to up 2% | Bain 2024 Luxury Report |
| Shoes | €25 billion | Down 5% to 7% | Bain 2024 Luxury Report |
| Eyewear | €17 billion | Up 3% to 5% | Bain 2024 Luxury Report |
The product-level picture inside personal luxury goods is mixed as well:
- Jewelry grew 0% to 2% and reached €31 billion (Bain 2024 Luxury Report).
- Shoes declined 5% to 7% and reached an estimated €25 billion (Bain 2024 Luxury Report).
- Eyewear expanded 3% to 5% and reached €17 billion (Bain 2024 Luxury Report).
That pattern suggests consumers did not simply stop spending. They moved more unevenly across categories, with some discretionary purchases holding up better than others.
Why experience-linked segments held up
Bain’s 2024 data points to a luxury market that increasingly behaves like two markets at once. Product categories were softer, while experience-linked categories were comparatively resilient or positive (Bain 2024 Luxury Report).
That matters because the luxury brand conversation often centers on fashion houses, but the total market is also influenced by hospitality and travel behavior. If tourists are active, and if spending shifts toward trips and experiences, then the market can stay large even when headline goods growth looks muted.
Regional patterns that matter
The regional data shows where demand remained healthy and where it weakened.
Europe stood out on luxury tourism and tax-free shopping. Europe’s personal luxury goods market reached €110 billion in 2024 and grew 3% to 4% (Bain 2024 Luxury Report). Tax-free sales of luxury goods in Europe increased by 10% to 15% versus 2023, while Chinese tourists’ purchases in Europe grew 40% in the first 10 months of 2024 versus the prior-year period (Bain 2024 Luxury Report).
Sales to US tourists in Europe also rose 10% in the first 10 months of 2024 versus the prior-year period (Bain 2024 Luxury Report). That combination shows that Europe benefited from cross-border demand even while some home markets weakened.
Regional snapshot
| Region or market | 2024 figure | Direction | Source |
|---|---|---|---|
| Europe personal luxury goods market | €110 billion | Up 3% to 4% | Bain 2024 Luxury Report |
| Americas sales | about €100 billion | Down 1% | Bain 2024 Luxury Report |
| Mainland China luxury spending | Down 20% to 22% | Down | Bain 2024 Luxury Report |
| Japan luxury market | about €33 billion | Up 12% to 13% | Bain 2024 Luxury Report |
The Americas were not weak in absolute terms, but they were softer than the most resilient regions. Bain estimated Americas sales at about €100 billion, down 1% versus 2023 (Bain 2024 Luxury Report).
Mainland China was the sharpest negative outlier in the 2024 set. Spending declined 20% to 22% at current exchange rates, and only about 5% of brands achieved positive revenue growth there in the first 10 months of 2024 (Bain 2024 Luxury Report).
Japan was the opposite. The country’s luxury market grew 12% to 13% and reached about €33 billion in 2024 (Bain 2024 Luxury Report).
Why Japan looks structurally strong
Two Japan comparisons stand out:
- About 75% of Japan’s tax-free luxury spending growth came from more tax-free luxury shoppers (Bain 2024 Luxury Report).
- Luxury shoppers in Japan made 20% fewer transactions per shopper than luxury shoppers in Europe, but spent 15% less per transaction than luxury shoppers in Europe (Bain 2024 Luxury Report).
That suggests a market with room to deepen basket size and visit frequency, not just one that is growing from a small base.
Who is actually driving purchases
The customer base is shrinking while the highest-value clients are becoming more important.
Bain said the global luxury customer base fell from 400 million customers in 2022 to about 350 million by the end of 2024, meaning the market lost about 50 million customers globally in that period (Bain 2024 Luxury Report).
At the same time, very important clients represented just over 2% of the total customer base but accounted for 45% of global luxury purchases in 2024, up from 35% in 2021 (Bain 2024 Luxury Report).
That is one of the most important luxury market statistics in the entire dataset. It tells you that the business is becoming more concentrated at the top even while the broader customer funnel narrows.
Demand concentration
- Very important clients: just over 2% of customers, 45% of purchases (Bain 2024 Luxury Report).
- Tourist spending: 35% of global luxury purchases in 2024, down from about 40% in 2019 (Bain 2024 Luxury Report).
- Local customer spending: declined 6% to 8% on average in 2024 (Bain 2024 Luxury Report).
This is a market where a small number of customers and travel-related buyers matter disproportionately. That raises the bar for customer retention, service quality, and cross-border brand visibility.
Channels, stores, and digital sales
Channel data shows a luxury market that is still heavily physical, but not static.
In 2024, the retail channel accounted for 53% of sales in the worldwide personal luxury goods market, up from 52% in 2023 (Kering 2024 URD). The wholesale channel accounted for about 47%, down from 48% in 2023 (Kering 2024 URD). E-commerce accounted for 20% of the luxury market in both 2024 and 2023 (Kering 2024 URD; Kering 2023 URD).
That makes the channel story more nuanced than a simple online shift. Digital is important, but it is not displacing physical retail at the scale some people assume.
Channel mix
| Channel | 2024 share | 2023 share | Source |
|---|---|---|---|
| Retail | 53% | 52% | Kering 2024 URD |
| Wholesale | 47% | 48% | Kering 2024 URD |
| E-commerce | 20% | 20% | Kering 2024 URD; Kering 2023 URD |
Bain also reported that the monobrand store channel declined 1% to 4% in 2024, store traffic fell by a single-digit percentage, and net openings of luxury stores were at one-third of the 2023 level (Bain 2024 Luxury Report).
That combination suggests caution, not collapse. Luxury brands are still present in physical retail, but they appear to be managing the store base more tightly and reacting to softer traffic.
What digital signals say
Bain’s 2025 Bain-Altagamma press release adds a useful warning signal. Brand-related searches were down for more than 40% of luxury brands, social media follower growth had fallen 90% since 2022, and engagement rates were down 40% since 2022 (Bain 2025 Bain-Altagamma press release).
Taken together, those figures imply that discovery and attention are getting harder to win. That does not automatically translate into lower revenue for every brand, but it does mean the digital attention economy is less forgiving than it was two or three years ago.
Brand performance signals from major groups
The public company data helps show how the market is filtering down to individual groups and houses.
Kering reported 2024 revenue of €17.2 billion, down 12% both as reported and on a comparable basis (Kering 2024 annual results). Kering Eyewear revenue reached €1.6 billion and grew 6% on a comparable basis, while Kering Beauté reached €323 million in 2024 (Kering 2024 annual results).
LVMH recorded revenue of €84.7 billion in 2024, with organic revenue growth of 1% and profit from recurring operations of €19.6 billion (LVMH 2024 annual results). Its free cash flow was €10.5 billion (LVMH 2024 annual results).
Hermès was the standout on growth and margin. Revenue reached €15.170 billion in 2024, up 13.0% at current exchange rates and 14.7% at constant exchange rates (Hermès key figures). Recurring operating income was €6.150 billion and recurring operating margin was 40.5% (Hermès key figures).
Richemont also showed resilience. Q3 FY25 sales were €6.2 billion, its highest ever quarterly sales, and sales grew 10% at constant and actual exchange rates (Richemont Q3 FY25 results). Its FY25 annual report said Group sales increased by 3% at actual exchange rates and that the US became the Group’s largest individual market (Richemont FY24 annual report).
Selected company indicators
| Company | 2024 or latest figure in dataset | Source |
|---|---|---|
| Kering revenue | €17.2 billion | Kering 2024 annual results |
| LVMH revenue | €84.7 billion | LVMH 2024 annual results |
| Hermès revenue | €15.170 billion | Hermès key figures |
| Hermès recurring operating margin | 40.5% | Hermès key figures |
| Richemont Q3 FY25 sales | €6.2 billion | Richemont Q3 FY25 results |
The comparison is useful because it shows how uneven the luxury market really is. Some groups are under pressure, some are stable, and some continue to compound at premium margins even in a softer backdrop.
What 2030 could look like
Bain’s forward view gives the market a longer runway, but not a simple one.
Bain expects personal luxury goods to grow 4% to 6% annually until 2030 and estimates the category could reach €460 billion to €500 billion by then (Bain 2024 Luxury Report).
Bain also says more than 300 million new addressable consumers could emerge globally in the next five years, with emerging markets adding more than 50 million upper-middle-class luxury consumers by 2030 (Bain 2024 Luxury Report).
That forecast matters because it points to a broader base for future demand, even though the current market is more concentrated than before.
The strategic implication
The 2024 luxury market statistics suggest five things that matter for the next cycle:
- The market is still huge, at €1.48 trillion, but growth is uneven (Bain 2024 Luxury Report).
- Experience-led segments are doing more of the work than many product categories (Bain 2024 Luxury Report).
- Tourist spending remains material at 35% of global purchases, even though it is below 2019 levels (Bain 2024 Luxury Report).
- The top 2% of customers now drive 45% of purchases, which makes clienteling and exclusivity more important than reach alone (Bain 2024 Luxury Report).
- Technology budgets are rising, with luxury houses allocating an average of 3.1% of revenues to technology and 60% planning significant increases over the next 2 to 3 years (Bain/Comité Colbert 2025).
The market is not simply getting smaller or bigger. It is becoming more selective, more travel-sensitive, and more dependent on brands that can hold attention, convert high-value clients, and defend margin while the customer base narrows.