Market Size of North America Luxury Goods Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 103.10 Billion |
| Market Size (2029) | USD 145.08 Billion |
| CAGR (2024 - 2029) | 7.07 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Luxury Goods Market Analysis
The North America Luxury Goods Market size is estimated at USD 103.10 billion in 2024, and is expected to reach USD 145.08 billion by 2029, growing at a CAGR of 7.07% during the forecast period (2024-2029).
North America demonstrates a more extensive base of fashion-conscious consumers with comparatively higher spending power, keeping up with the latest market trends for personal accessories like clothing, purses, watches, and jewelry. Social media influencers that promote luxury businesses' newly released collections to draw in customers impact consumer behavior. Customers are also drawn to luxury goods because of their distinctive designs, longevity, comfort, and aesthetics, which set them apart from fast fashion accessories. Furt more, the region has a strong network of single-brand and multi-brand stores in airports and shopping centers, enabling affluent customers to select from various product choices from regional and international luxury brands.
The region's demand for luxury products is significantly high, owing to the high disposable incomes. Moreover, North America remains one of the most important destinations for luxury tourism, making it unique as a market for luxury retail in the region. The e emergence of e-commerce has provided easy access to product-related information and prices through online sources at any time. This significant trend has further contributed to the overall growth of the North American luxury market.
After facing a slowdown during Covid 19, the North American luxury goods market has undergone a V-shape rebound. Additionally, demand for luxury goods is constantly rising owing to the increasing number of high-income individuals and the introduction of new innovative luxury goods in the region. In addition to traditional luxury products, digital assets and the virtual world, which include social media, gaming, and the metaverse, are becoming increasingly important in terms of luxury brands' value propositions, which will become increasingly important in the forecasted period. To compete in the increasingly competitive luxury market, luxury brands have the opportunity to be critical players in the development of virtual worlds.
