Luxury spending statistics at a glance
Luxury spending is large enough to behave like a global system, not a niche category. In 2024, total luxury spending reached €1.48 trillion, while the personal luxury goods market alone stood at €363 billion, according to Bain & Company Luxury Report 2024. That scale still did not protect the market from a softer year, with total luxury spending down 1% to 3% at current exchange rates and personal luxury goods spending down 2% in 2024 at current exchange rates (Bain & Company Luxury Report 2024).
The most useful way to read the numbers is to separate the market into volume, mix, and buyer behavior. The market is still enormous, but the growth engine is narrower than it was a few years ago.
Key figures
- Total luxury spending: €1.48 trillion in 2024 (Bain & Company Luxury Report 2024).
- Personal luxury goods market: €363 billion in 2024 (Bain & Company Luxury Report 2024).
- Luxury spending tracked across 9 segments (Bain & Company Luxury Report 2024).
- Luxury cars, personal luxury goods, and luxury hospitality made up 80% of the total luxury market (Bain & Company Luxury Report 2024).
- The luxury customer base fell from 400 million in 2022 to 350 million at the end of 2024 (Bain & Company Luxury Report 2024).
- Luxury buyers were forecast to fall to about 340 million in 2025 (Bain & Company and Altagamma 2025 press release).
Table of contents
- How big the market is
- What changed from 2023 to 2025
- Buyer mix and spend concentration
- Category and region signals
- What luxury executives expect
- Long-term outlook
How big the market is
The headline figure is still the scale of the market. Bain & Company Luxury Report 2024 put total luxury spending at €1.48 trillion in 2024. That total spans 9 segments, which matters because not every part of the luxury market moved in the same direction. Luxury cars, personal luxury goods, and luxury hospitality together accounted for 80% of the market (Bain & Company Luxury Report 2024), so most of the market’s weight sits in a relatively small set of categories.
Personal luxury goods are the most familiar slice of the market for consumers, and that segment was measured at €363 billion in 2024 (Bain & Company Luxury Report 2024). In other words, the category that most people picture when they hear “luxury spending” is only part of a much larger spending ecosystem.
A useful rule of thumb from the 2024 data is that luxury is broad but concentrated. It has many segments, yet the spend is not evenly distributed across them. That makes the sector more sensitive to changes in a few high-value categories than the raw segment count might suggest.
Fast fact box
| Measure | 2024 value | Source label |
|---|---|---|
| Total luxury spending | €1.48 trillion | Bain & Company Luxury Report 2024 |
| Personal luxury goods | €363 billion | Bain & Company Luxury Report 2024 |
| Segment count | 9 segments | Bain & Company Luxury Report 2024 |
| Share from cars, personal goods, hospitality | 80% | Bain & Company Luxury Report 2024 |
What changed from 2023 to 2025
The recent story is not one of collapse, but of cooling. Total luxury spending was down 1% to 3% at current exchange rates in 2024 versus 2023, and at constant exchange rates 2024 luxury spending was forecast to range from -1% to +1% year over year (Bain & Company Luxury Report 2024). That combination points to a market that is close to flat in real terms, even if currency effects make the headline look a little worse.
The personal luxury goods market also slowed. It fell 2% in 2024 at current exchange rates and was flat at constant exchange rates in 2024 (Bain & Company Luxury Report 2024). That difference matters because it suggests the category was not uniformly shrinking in underlying demand, but it was also not accelerating enough to generate broad-based growth.
By 2025, the tone was still cautious. Bain & Company and Altagamma expected worldwide luxury spending to reach €1.44 trillion in 2025, while overall luxury spending was expected to be broadly flat at constant exchange rates, with performance between 1% higher and 1% lower (Bain & Company and Altagamma 2025 press release). The personal luxury goods market was forecast at €358 billion in 2025, down from €364 billion in 2024 in the same release and below the €369 billion figure cited for 2023 in that release.
2023 to 2025 comparison
| Metric | 2023 | 2024 | 2025 forecast | Source label |
|---|---|---|---|---|
| Worldwide luxury spending | Not stated | €1.48 trillion | €1.44 trillion | Bain & Company / Altagamma |
| Personal luxury goods | €369 billion | €364 billion / €363 billion | €358 billion | Bain & Company / Altagamma |
| Overall market trend | Not stated | -1% to 3% | -1% to +1% | Bain & Company / Altagamma |
The main takeaway is that luxury spending did not vanish into a downturn. It entered a lower-growth phase. That is a different problem for brands because a flat market still demands high execution, but it reduces the margin for sloppy positioning and excess inventory.
Buyer mix and spend concentration
The customer base tells a sharper story than the topline does. The luxury market lost about 50 million customers globally between 2022 and 2024, shrinking from 400 million in 2022 to 350 million at the end of 2024 (Bain & Company Luxury Report 2024). That is a meaningful contraction in participation, not just a small shift in buying frequency.
Bain & Company and Altagamma projected the luxury buyer base would fall to about 340 million in 2025, and active luxury buyers declined from 60% of the potential audience in 2022 to 40% to 45% in 2025. That means the market depends on a smaller share of people doing the work of a larger share of value creation.
Spend is also more concentrated inside the buyer base. Big Spenders accounted for 30% of luxury spending, or €88 billion, in 2019, but 45% of luxury spending, or €165 billion, in 2024 (Bain & Company and Altagamma 2025 press release). They were expected to hold about 46% to 47% of luxury spending in 2025. That is not a side note; it is one of the clearest indicators in the data that luxury is becoming more dependent on a narrower, higher-value customer group.
Spend concentration snapshot
| Metric | 2019 | 2024 | 2025 forecast | Source label |
|---|---|---|---|---|
| Big Spenders share of luxury spending | 30% | 45% | 46% to 47% | Bain & Company / Altagamma |
| Big Spenders spend | €88 billion | €165 billion | Not stated | Bain & Company / Altagamma |
| Active buyers share of potential audience | Not stated | Not stated | 40% to 45% | Bain & Company / Altagamma |
This concentration changes the economics of the whole market. If a larger share of spending comes from Big Spenders, then growth depends less on broad audience expansion and more on retention, service, and high-end differentiation. That is also why customer experience and loyalty showed up as a strong growth opportunity in executive survey data.
Category and region signals
Not all luxury categories are moving together. Bain’s 2025 release expected jewelry to grow 4% to 6% in 2025 and eyewear to grow 2% to 4% in 2025. Those are positive signals in a market otherwise described as broadly flat. They suggest some categories can still outperform even when the total market is sluggish.
The same pattern appears in geographic expectations. China luxury spending was expected to fall 3% to 5% in 2025, and Europe luxury spending was expected to fall 1% to 3% in 2025 (Bain & Company and Altagamma 2025 press release). By contrast, the Americas were expected to grow 0% to 2%, and the Middle East was expected to grow 4% to 6%. The Middle East, Latin America, Southeast Asia, India, and Africa together represented about €45 billion of luxury spending in 2025, which shows how important the faster-growing non-core regions are becoming.
Region outlook
| Region | 2025 outlook | Source label |
|---|---|---|
| China | -3% to -5% | Bain & Company and Altagamma 2025 press release |
| Europe | -1% to -3% | Bain & Company and Altagamma 2025 press release |
| Americas | 0% to 2% | Bain & Company and Altagamma 2025 press release |
| Middle East | 4% to 6% | Bain & Company and Altagamma 2025 press release |
| Middle East, Latin America, Southeast Asia, India, Africa combined | About €45 billion | Bain & Company and Altagamma 2025 press release |
The region data shows that “luxury spending statistics” is not a single global number. It is a map of different consumer cycles. A softer China and Europe can coexist with a stronger Middle East and a steadier Americas base. That makes regional mix a bigger strategic variable than it often is in consumer categories with more uniform demand.
What luxury executives expect
Deloitte Global Powers of Luxury 2026 adds a useful second lens: what executives think comes next. In that survey, 66.9% of executives expected stable or growing revenues in 2026, and 70.7% expected to maintain or improve margins. Those are not euphoric numbers, but they do show confidence that the sector can stabilize rather than continue weakening.
The survey also shows where leaders think the next gains come from. Customer experience and loyalty were cited by 28.6% of executives as the strongest growth opportunity. At the same time, 41.2% of companies were already implementing GenAI in selected areas, and 11.9% were embedding GenAI in core functions. That split suggests the technology shift is still in a deployment phase rather than a fully mature one.
The operational model is changing too. 68.3% of companies offered repair or refurbishment services, 53.8% operated certified pre-owned or trade-in programs, and 44.5% partnered with resale platforms (Deloitte Global Powers of Luxury 2026). Those numbers point to a luxury sector that is increasingly comfortable with circular and after-sales models. For brands, that means value creation is no longer only about the first sale. It also includes how the product is supported, recirculated, and kept desirable over time.
Executive survey snapshot
| Indicator | Share | Source label |
|---|---|---|
| Stable or growing revenue expectation | 66.9% | Deloitte Global Powers of Luxury 2026 |
| Maintain or improve margins | 70.7% | Deloitte Global Powers of Luxury 2026 |
| Customer experience and loyalty as top growth opportunity | 28.6% | Deloitte Global Powers of Luxury 2026 |
| Implementing GenAI in selected areas | 41.2% | Deloitte Global Powers of Luxury 2026 |
| Embedding GenAI in core functions | 11.9% | Deloitte Global Powers of Luxury 2026 |
| Offer repair or refurbishment | 68.3% | Deloitte Global Powers of Luxury 2026 |
| Certified pre-owned or trade-in programs | 53.8% | Deloitte Global Powers of Luxury 2026 |
| Partner with resale platforms | 44.5% | Deloitte Global Powers of Luxury 2026 |
The same survey also highlights where executives see growth engines. China was identified by 19.3% of executives, Japan by 19.0%, the Middle East by 17.9%, and India by 11.9% as influential growth engines for 2026. Luxury travel was cited by 36.2% of executives as the segment with the highest growth potential, while artificial intelligence was ranked by 31.7% as a transformative force shaping luxury’s future. Innovation in materials and production followed at 22.6%.
That combination matters. It shows that luxury leaders are balancing old-school demand drivers like geography and travel with newer operational levers like AI and product innovation. The market may be slower, but the strategic surface area is still expanding.
Long-term outlook
The long-run figures in the Bain & Company and Altagamma release are still constructive. Long-term annual growth of 4% to 6% is considered realistic for the personal luxury goods market. Over the same horizon, personal luxury goods could reach €525 billion to €625 billion by 2035, and the total luxury market could rise to €2.2 trillion to €2.7 trillion by 2035.
Those projections matter because they frame the recent slowdown correctly. The data does not say luxury is broken. It says luxury is transitioning from broad post-pandemic momentum into a more selective growth model. That model depends on fewer buyers, stronger loyalty, better category discipline, and more regional nuance.
The price-tier data reinforces that point. Luxury spending by price tier showed the high-end tier at about 40% of the market in 2025, with a CAGR of -1% to -3% from 2023 to 2025. The accessible tier posted a CAGR of 0% to -2% from 2023 to 2025. So even within the market, the strongest pressure was not evenly distributed. Higher tiers remain important, but they are also where the recent drag is most visible.
EBIT margin data from the same 2025 release adds another caution flag. Selected personal-luxury brands peaked at 23% EBIT margins in 2012 and were expected to fall to 15% to 16% in 2025. At the same time, the sector suffered an estimated €100 billion loss in enterprise value over the previous 12 months. That combination suggests investors and operators alike have already felt the effect of softer growth and margin pressure.
The practical reading is straightforward. Luxury spending statistics still describe a large, durable, and globally distributed market. But the next phase is less about raw expansion and more about disciplined execution across a narrower buyer base. Brands that understand where the spend is concentrating, which categories are still growing, and which regions are still resilient will have the clearest path through the current slowdown.