Tourism and experiences have been key to driving luxury growth in 2024

13-12-24

The luxury market is undergoing a profound transformation, with new trends defining the near future of the industry. Throughout 2024, major luxury groups have experienced a significant slowdown in their growth rates, as a consequence of a generalized global crisis and a change in consumption patterns. Faced with an uncertain economic context, consumers are reorienting their purchasing decisions, focusing on experiential luxury and more affordable products within sectors such as jewelry and cosmetics. This phenomenon reflects a shift towards the intangible: experiences, travel and personal wellness, while conspicuous consumption of luxury goods has shown signs of decline.

Claudia D'Arpizio, partner at Bain & Company, points out that “the shift between product and experience is increasingly noticeable”. According to her analysis, spending on experiences is growing much faster than spending on traditional luxury goods. Travel experiences, social events and personalized services are gaining prominence in the industry, reflecting a new trend in which emotions and the desire for personal well-being play an essential role in purchasing decisions.