USA Luxury Goods Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.14 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
USA Luxury Goods Market Analysis
The United States luxury goods market is projected to grow at a CAGR of 5.14 % during the forecast period (2022 - 2027).
The demand for luxury goods in the United States is attributed to the widespread wealthy population with high income, willing to spend on high-end personal luxury accessories marketed by luxury brands. Further, the country has a well-established network of single-brand and multi-brand shops in airports, and shopping malls which allow affluent consumers to choose from diversified product offerings of regional and global luxury brands. Further, as more individuals prefer using premium and curated collections of apparel, and jewelry, curated fashion stores are increasingly expanding in the country to serve the evolving fashion needs of U.S. consumers.
In the medium term, the sales of luxury goods are anticipated to register substantial growth as key brands are directing their investment in digital marketing and partnering with e-commerce platforms to cater to the increasing number of online shoppers. Additionally, luxury fashion companies are tightening their brand values by not compromising on the quality of the products and instead, offering limited-time offers, deals, and discounts only on the purchase of a specific amount of clothing, fashion accessories, or beauty products on brand websites. This organic consumer engagement is anticipated to drive market growth during the forecast period.
USA Luxury Goods Market Trends
This section covers the major market trends shaping the US Luxury Goods Market according to our research experts:
High Prevalence of Fashion-Conscious Consumers
The United States exhibits a wider base of fashion-conscious customers with relatively high purchasing power than other countries, checking up with the new trend in the market in terms of personal accessories including apparel, bags, watches, and jewelry. Further, consumer behavior is highly inspired by social media influencers promoting the newly launched collections of luxury brands to attract potential buyers. Additionally, consumers are interested in luxury goods owing to their unique designs, durability, comfort, and aesthetics that sets them apart from fast fashion products. Also, the market is characterized by a higher degree of celebrity endorsement as millennials are inclined towards luxury brands that are being promoted by celebrities. For instance, in August 2022, Calvin Klein announced Son Heung-Min, the South Korean football player as a new brand ambassador.
Clothing and Apparel Segment Holds Prominent Share
The apparel and clothing segment grew rapidly over several years as people became more fashion-oriented, especially the young generations, and their increased purchasing power in the backdrop of the recent economic boom. Nowadays luxury brands are concentrating more on providing trendy fashionable clothes to look young to cater to this brands are coming up with street-style ready-to-wear apparel, and customized clothing, to attract consumers. Luxury athleisure is trending as the wellness economy is prospering with the rise of luxury gym wear, activewear, and sportswear in the United States market.
Further, post covid, people are practicing yoga, jogging, and spending more time in the gym not only to boost immunity but also to recover from stress, and depression and to stay healthy which in turn increased the sales of luxury yoga wear and gym wear in the region. Further, the increased number of Women Insta influencers on social media has given customized luxury products a new path in the market. For instance, Kerring's brand Gucci declared that customers could design Gucci's jackets, shoes, apparel, and bag then they can select their appliqués to put on to look the product aesthetic and unique. This service is available in their New York flagship stores and on their online website.
USA Luxury Goods Industry Overview
The United States luxury goods market is highly competitive with the presence of various domestic and international players competing for a major share in the market. Key companies are focused on business expansion through mergers, acquisitions, and new products launched to sustain the brand image in a highly competitive market. Major players dominating the market include Giorgio Armani S.p.A., Rolex SA, Kering Group, PVH Corp., and The Swatch Group, among others. Further, key players conduct advertisement campaigns and exhibition shows to promote their brands and offerings, as these campaigns allow them to reach out to their targeted customer groups. For instance, Dior and Balenciaga are showcasing their new collections for 2022 at the Fashion Institute of Technology (FIT) Museum in New York City, ongoing until November 6.
USA Luxury Goods Market Leaders
Giorgio Armani S.p.A.
Kering
PVH Corp.
LVMH Moët Hennessy Louis Vuitton
The Swatch Group Ltd
*Disclaimer: Major Players sorted in no particular order
USA Luxury Goods Market News
- In May 2022, Kering group's brand Gucci collaborated with Adidas in launching their new luxury goods through an online platform along with a few selected stores. With this launch, the brands focused on launching hybrid pattern ready-to-wear clothes and accessories in the region.
- In March 2022, De Beers, a luxury jewelry house launched a new haute couture jewelry collection called "The Alchemist of Light," at Miami's St. Regis Bal Harbour.
- In March 2021, Swatch announced the release of limited-edition designs created in collaboration with The Museum of Modern Art (MoMA) as part of its Museum Journey collection. The wristwatches will be sold at Swatch stores all around the world, on Swatch.com, at MoMA Design Stores worldwide, and on store.moma.org.
USA Luxury Goods Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Clothing and Apparel
5.1.2 Footwear
5.1.3 Bags
5.1.4 Jewelry
5.1.5 Watches
5.1.6 Other Accessories
5.2 By Distribution Channel
5.2.1 Single-brand Stores
5.2.2 Multi-brand Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Giorgio Armani S.p.A.
6.3.2 Rolex SA
6.3.3 The Estee Lauder Companies
6.3.4 Kering
6.3.5 Compagnie Financière Richemont S.A.
6.3.6 LVMH Moët Hennessy Louis Vuitton
6.3.7 L'Oreal Luxe
6.3.8 PVH Corp.
6.3.9 The Swatch Group
6.3.10 Burberry
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
9. DISCLAIMER
USA Luxury Goods Industry Segmentation
Luxury goods refer to premium or elite quality products which are expensive as compared to conventional goods. The United States luxury goods market is segmented by type and distribution channel. By type, the market is segmented into clothing and apparel, footwear, bags, jewelry, watches, and other types. By distribution channel, the market is segmented into single-brand stores, multi-brand stores, online stores, and other distribution channels. The report offers market size and values in (USD Million) during the forecasted years for the above segments.
| By Type | |
| Clothing and Apparel | |
| Footwear | |
| Bags | |
| Jewelry | |
| Watches | |
| Other Accessories |
| By Distribution Channel | |
| Single-brand Stores | |
| Multi-brand Stores | |
| Online Stores | |
| Other Distribution Channels |
USA Luxury Goods Market Research FAQs
What is the current United States Luxury Goods Market size?
The United States Luxury Goods Market is projected to register a CAGR of 5.14% during the forecast period (2024-2029)
Who are the key players in United States Luxury Goods Market?
Giorgio Armani S.p.A., Kering, PVH Corp., LVMH Moët Hennessy Louis Vuitton and The Swatch Group Ltd are the major companies operating in the United States Luxury Goods Market.
What years does this United States Luxury Goods Market cover?
The report covers the United States Luxury Goods Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the United States Luxury Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
USA Luxury Goods Industry Report
Statistics for the 2024 USA Luxury Goods market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. USA Luxury Goods analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
