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Global luxury spending is expected to reach nearly €1.5 trillion in 2024, remaining relatively flat compared to 2023, with an estimated growth rate between -1 and 1% year over year. This is according to the latest luxury report from Bain & Company, in partnership with Altagamma, the Italian luxury goods manufacturers' industry association. Personal luxury goods market slows slightly amid uncertainty and price elevation Global luxury consumers, grappling with macroeconomic uncertainty and continued price elevation among brands, are cutting back on discretionary items. As a result, Bain expects the personal luxury goods market to see its first slowdown since the Great Recession, excluding Covid, experiencing -2% erosion, at current exchange rates, compared to last year. This trend—particularly acute among Generation Z, whose advocacy for luxury brands continues to decline—has led to a shrinking luxury customer base by a magnitude of about 50 million over the last two years.
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