Retail value sales of luxury goods in the US grew by 6% in 2023 in current terms, to stand at USD264.8 billion.
The US is where a number of affluent adults live, with around 21 million calling the country home in 2023, accounting for a 8% share of the population overall. The industry was greatly impacted by the pandemic, which meant people found it hard to travel due to lockdowns, they could not shop in many physical stores, and they were unable to spend money on holidays.
Luxury players remain highly competitive. With people making more mindful consumption choices, luxury players are focusing more on creating innovative products that offer consumers value, ensuring that that the products and services they sell are attractive to consumers.
Digitalisation is reshaping the luxury retail landscape, influencing consumers’ shopping patterns and transforming how they engage with luxury brands and retailers. This is leading to a rise in the importance of online shopping amongst some consumers, whilst also forcing retailers to rethink the role of physical outlets.
The outlook for luxury goods looks rosy, with the release of pent-up demand post-pandemic expected to lead to rising purchases of luxury goods during the forecast period. There also seems to be no stopping the growth in the number of wealthy adults across the US market, which will act as a driver of growth.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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