Market Size of United States Luxury Goods Industry
| 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 |
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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.
