Retail current value sales of luxury goods are set to continue to grow in the US in 2024. Although growth is expected to remain solid, it will be slightly slower than in 2023, impacted by both global and local factors which are leading consumers to become more cautious.
The population of affluent consumers continues to grow in the US. The number of households with an annual disposable income over USD300,000 is set to grow by 7% in 2024.
The luxury goods competitive landscape in the US was led by Tesla Inc in 2023, which held a 13% retail value share. However, this marked a decline from its 16% share in 2022, while most of its competitors in premium and luxury cars gained share.
While bricks-and-mortar retail channels remain the primary avenues for building emotional connections and brand loyalty in the US, retail e-commerce has been gaining importance, particularly in personal luxury, in which a third of purchases are expected to be made online in value terms in 2024. Key categories for retail e-commerce include luxury wearable electronics and super premium beauty and personal care, with 67% and 37% shares of transaction value conducted online, respectively, as well as designer apparel and footwear (ready-to-wear) with a 35% share.
Luxury goods in the US is projected to see a slightly slower retail current value CAGR in the forecast period, at 6%, than was seen in the review period, at 8%. The highest growth rates are expected to be seen by luxury wearable electronics and premium and luxury cars, which are expected to grow by CAGRs of 14% and 7%, respectively.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See all of our definitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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