Luxury goods in 2024: The big picture
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.
2024 key trends
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.
Competitive landscape
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.
Retailing developments
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.
What next for luxury goods?
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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Overview:
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.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
- Experiential Luxury
- Luxury Hotels
- Fine Wines/Champagne
- Premium and Luxury Cars
- Personal Luxury
- Designer Apparel and Footwear
- Luxury Eyewear
- Luxury Jewellery
- Luxury Leather Goods
- Luxury Portable Consumer Electronics
- Luxury Timepieces
- Luxury Writing Instruments and Stationery
- Super Premium Beauty and Personal Care
If you're in the Luxury Goods industry in USA, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Luxury Goods in USA report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Luxury Goods in USA?
- Which are the leading brands in Luxury Goods in USA?
- How are products distributed in Luxury Goods in USA?
- How important is tourism in evaluating demand for Luxury Goods in USA?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Luxury Goods in the US
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Experiential Luxury in the US
KEY DATA FINDINGS
Holistic experiences drive growth in luxury hotels, while luxury foodservice thrives with new healthy and personalised menu options
A successful brand evolution at the right time and place: Marriott International maintains its lead in experiential luxury
Customers look to regenerative travel options to make an impact
Experience is king: Customer preference for luxury, memorable experiences will boost the growth of experiential luxury over the forecast period
Wellbeing and sustainability expected to be the focus of new luxury hotel openings
New openings in strategic locations will bring an additional boost to experiential luxury through cultural heritage and unique adventure offerings
Fine Wines/Champagne and Spirits in the US
KEY DATA FINDINGS
Ebbing inflation and rising incomes adjust the course of fine wines/champagne and spirits
Less but better trend tenuously sustains premiumisation
Celebrity luxury approaches tipping point
Growth set to continue, despite permacrisis
The uncertain prospect of third spaces will incentivise at-home opportunities
No/low alcohol wine and spirits still an untapped opportunity
Premium and Luxury Cars in the US
KEY DATA FINDINGS
Growth of premium and luxury EVs slows, while Chinese component ban disrupts supply chain for luxury petrol cars
Beyond vehicles: Premium and luxury cars as an integral part of a luxury lifestyle
Beyond purchase: The ultimate ownership experience
Overcoming supply chain and other challenges to achieve the zero emissions future
Tesla’s robo-car and Cybertruck: Pioneering the future amidst market hesitation
Enhancing luxury experiences through connectivity is key to rejuvenating luxury EVs
Personal Luxury in the US
KEY DATA FINDINGS
Designer apparel and footwear (ready-to-wear) lags behind overall personal luxury
Luxury eyewear faces a slowdown in growth amidst economic challenges
Growth in luxury jewellery outpaces that in wider personal luxury, despite looming disruption from lab-grown diamonds
Luxury leather goods faces a slowdown amidst a pullback by aspirational shoppers
Luxury wearables benefits from continued consumer investment in health and wellness
Players explore opportunities in women’s luxury timepieces amidst an overall slowdown
Luxury writing instruments and stationery challenged by more cautious consumer spending habits
Super premium beauty and personal care remains resilient despite rise of value-oriented beauty consumers
Personal luxury is poised for slow and stable growth, with various challenges ahead
Importance of responding to consumers’ sustainability demands will only grow over the forecast period
Personal luxury brands will have to provide a seamless and authentic experience both in-store and online
The following categories and subcategories are included:
Luxury Goods
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- Luxury Foodservice
- Luxury Hotels
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- Fine Champagne
- Other Fine Wine
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- Luxury Brandy and Cognac
- Luxury Whiskies
- Other Luxury Spirits
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- Premium and Luxury Cars
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- Men's Designer Apparel
- Women's Designer Apparel
- Designer Childrenswear
- Designer Clothing Accessories and Hosiery
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- Children's Designer Footwear
- Men's Designer Footwear
- Women's Designer Footwear
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- Luxury Spectacle Frames
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- Men's Luxury Sun Glasses
- Women's Luxury Sun Glasses
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- Luxury Costume Jewellery
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- Men's Luxury Fine Jewellery
- Women's Luxury Fine Jewellery
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- Men's Luxury Bags and Small Leather Goods
- Women's Luxury Bags and Small Leather Goods
- Luxury Travel Goods
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- Luxury Wearables Electronics
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- Men's Luxury Timepieces
- Women's Luxury Timepieces
- Luxury Writing Instruments and Stationery
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- Super Premium Colour Cosmetics
- Super Premium Fragrances
- Super Premium Skin Care
- Other Super Premium Beauty and Personal Care
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
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This report originates from Passport, our Luxury Goods research and analysis database.
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