The United States Luxury Goods Market is Segmented by Product Type (Clothing and Apparel, Footwear, Leather Goods, Jewelry, Watches, Beauty and Personal Care, Eyewear, and Home Décor and Fine Living Items), End User (Women, Men, and Unisex), and Distribution Channel (Single-Brand Stores, Multi-Brand Stores, and Online Stores). The Market Forecasts are Provided in Terms of Value (USD).

The revenue in the luxury goods market in the United States was modeled to stand at ************* U.S. dollars in 2024. Between 2018 and 2024, the revenue rose by ************* U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The revenue will steadily rise by ************* U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Luxury Goods.

United States Luxury Goods Market was valued at USD 66.44 Billion in 2024 and is anticipated to grow USD 91.64 Billion by 2030 with a CAGR of 5.51% during forecast period.

The revenue is forecast to experience significant growth in all segments in 2029. As part of the positive trend, the revenue achieve the maximum value across all five different segments by the end of the comparison period. Notably, the segment Luxury Fashion stands out with the highest value of ***** billion U.S. dollars. Find further statistics on other topics such as a comparison of the revenue in Russia and a comparison of the average revenue per capita in Switzerland. The Statista Market Insights cover a broad range of additional markets.

The North America Luxury Goods Market report segments the industry into By Type (Clothing and Apparel, Footwear, Bags, Jewelry, Watches, Other Types), By Distribution Channel (Single-branded Stores, Multi-brand Stores, Online Stores, Other Distribution Channels), and By Country (United States, Canada, Mexico, Rest of North America). Get five years of historical data alongside five-year market forecasts.

The number of users in the luxury goods e-commerce market in the United States was modeled to be ************** users in 2024. Following a continuous upward trend, the number of users has risen by ************* users since 2017. Between 2024 and 2029, the number of users will rise by ************* users, continuing its consistent upward trajectory.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Luxury Goods.

Luxury Goods Market is expected to be worth around USD 451.5 bn by 2034, up from USD 247.4 bn in 2024, growing at a CAGR of 6.2%

Over the last two observations, the revenue is forecast to significantly increase in all regions. From the selected regions, the ranking by revenue in the luxury goods market is forecast to be lead by the United States with 105 billion U.S. dollars. In contrast, the ranking is trailed by Germany with 19.4 billion U.S. dollars, recording a difference of 85.6 billion U.S. dollars to the United States. Find other insights concerning similar markets and segments, such as a comparison of revenue in Asia and a comparison of revenue in Singapore. The Statista Market Insights cover a broad range of additional markets.

The size of the North America Luxury Goods Market was valued at USD 103.10 Million in 2023 and is projected to reach USD 166.32 Million by 2032, with an expected CAGR of 7.07% during the forecast period. Luxury goods are high-end products that are not essential for basic living but are highly desired for their quality, exclusivity, and status symbol. These items often include designer clothing, luxury cars, high-end electronics, fine jewelry, and premium watches. The demand for luxury goods typically increases more than proportionally as income rises, making them a marker of wealth and social status. Unlike necessity goods, which people buy regardless of their income level, luxury goods are purchased more frequently by those with higher disposable incomes. They are often associated with superior craftsmanship, innovative design, and prestigious brand names. The concept of luxury goods also extends to services, such as luxury travel, gourmet dining, and bespoke experiences, which offer exceptional quality and exclusivity. Recent developments include: In September 2022, at 706 Madison Avenue in the tony shopping corridor of New York, Hermès opened one of its largest flagship stores in the world., In July 2022, Louis Vuitton opened the doors of its first-ever men's store in California. With this opening, Louis Vuitton now has eight stand-alone men's stores in the country., In March 2022, Kering Eyewear planned to acquire the United States eyewear brand Maui Jim. Kering Eyewear has signed an agreement to acquire Maui Jim, Inc., founded in 1987 in Hawaii. Maui Jim is the world's largest independent sunglasses brand.. Key drivers for this market are: Demand for Smartwatches, Popularity of Luxury Watches. Potential restraints include: Presence of Fake Brands in the Market. Notable trends are: Rising Number of High-Net-Worth Individuals in the Region.

The United States luxury goods market was valued at USD 70.62 Billion in 2024. The industry is expected to grow at a CAGR of 5.30% during the forecast period of 2025-2034 to attain a valuation of USD 118.36 Billion by 2034.

The North American luxury goods market, valued at $103.10 million in 2025, is projected to experience robust growth, driven by a rising affluent population, increasing disposable incomes, and a growing preference for high-end products. This segment is further fueled by the strong presence of established luxury brands like Giorgio Armani, LVMH, and Gucci, coupled with a thriving e-commerce landscape that provides convenient access to luxury goods for consumers across the region. The market's segmentation reveals significant opportunities across diverse product categories, with clothing and apparel, footwear, and jewelry representing substantial segments. Online stores are witnessing a surge in popularity, reflecting the evolving consumer behavior and the seamless integration of digital channels into the luxury shopping experience. However, the market also faces certain challenges, including economic fluctuations that could impact consumer spending on discretionary luxury items and increasing competition from emerging brands. The consistent 7.07% CAGR projected through 2033 underscores the market's long-term growth potential, particularly in the United States, which is expected to hold the largest market share within North America, followed by Canada and Mexico. The dominance of single-branded stores highlights the importance of brand identity and customer experience in this sector. Continued innovation in product design, effective marketing strategies, and leveraging digital platforms will be crucial for success within this competitive landscape. The forecast period (2025-2033) anticipates a steady expansion, fueled by increasing brand awareness campaigns, especially on social media channels, and rising demand for personalized luxury experiences. The presence of major players like Estée Lauder and Hermès contributes to market stability and attracts significant investment. Further segmentation by region within North America will provide more granular insights into the specific growth patterns in the United States, Canada, and Mexico. Understanding consumer preferences in each region, as well as the impact of local economic conditions and cultural trends, is critical for brands to effectively tailor their strategies for optimal market penetration. The luxury market’s resilience and its ability to adapt to changing consumer behaviors ensure its continuing growth trajectory in North America. Recent developments include: In September 2022, at 706 Madison Avenue in the tony shopping corridor of New York, Hermès opened one of its largest flagship stores in the world., In July 2022, Louis Vuitton opened the doors of its first-ever men's store in California. With this opening, Louis Vuitton now has eight stand-alone men's stores in the country., In March 2022, Kering Eyewear planned to acquire the United States eyewear brand Maui Jim. Kering Eyewear has signed an agreement to acquire Maui Jim, Inc., founded in 1987 in Hawaii. Maui Jim is the world's largest independent sunglasses brand.. Notable trends are: Rising Number of High-Net-Worth Individuals in the Region.

Access North America Luxury Goods Industry Overview which includes North America country analysis of (United States, Canada, Mexico), market split by Product Type, End User, Distribution

The Latin America Luxury Goods Market is expected to grow at a CAGR of 7.48% from 2026 to 2032, with a market size of approximately USD 51.21 billion in 2032. Explore key trends and growth drivers.

The revenue in the luxury goods e-commerce market in the United States was modeled to amount to ************* U.S. dollars in 2024. Following a continuous upward trend, the revenue has risen by ************* U.S. dollars since 2017. Between 2024 and 2029, the revenue will rise by ************ U.S. dollars, continuing its consistent upward trajectory.Further information about the methodology, more market segments, and metrics can be found on the dedicated Market Insights page on Luxury Goods.

Luxury Goods Market Outlook

The global luxury goods market size was valued at approximately $300 billion in 2023 and is projected to reach around $450 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% over the forecast period. The robust growth is driven by increasing consumer disposable income, rising demand for high-quality and exclusive products, and the expansion of online retail channels. Key growth factors include an increasing number of high-net-worth individuals, a rising preference for purchasing luxury goods online, and a growing focus on unique craftsmanship and heritage branding. Additionally, younger consumers and emerging markets are playing pivotal roles in reshaping the landscape of luxury goods consumption, offering new growth trajectories for the industry.

The growing global wealth and urbanization are significant drivers of the luxury goods market. High-net-worth individuals, particularly in emerging economies, have seen an increase in disposable incomes, allowing them to indulge in luxury products. This shift is not just restricted to traditional markets in Europe and North America but is also evident in the Asia Pacific and other developing regions. The demand for personalized and bespoke luxury items is also on the rise as consumers seek to express their individuality through unique products. Moreover, luxury brands are increasingly leveraging digital technologies to enhance customer experiences, offering personalized services and exclusive online collections, further fueling market growth.

Younger generations, particularly Millennials and Generation Z, are significantly influencing the luxury goods market. These consumers exhibit a strong preference for experiences over material possessions, driving luxury brands to innovate in providing immersive and experiential marketing strategies. They are tech-savvy and often make purchases through online platforms, prompting luxury brands to enhance their digital presence and e-commerce capabilities. Environmental sustainability is another key concern for these consumers, prompting luxury brands to adopt sustainable practices and transparent supply chains. As a result, brands are investing in eco-friendly materials and ethical sourcing to align with the values of younger consumers.

The regional outlook of the luxury goods market reveals that Asia Pacific is emerging as the fastest-growing region, driven by economic growth and rising consumer aspirations in countries like China and India. Europe continues to dominate as a traditional hub for luxury goods, home to many of the world's leading luxury brands and fashion capitals like Paris and Milan. North America is witnessing steady growth, with a strong demand for luxury products, especially in major cities such as New York and Los Angeles. The Middle East, with its affluent consumer base, also presents significant opportunities, as luxury brands expand their presence to cater to local tastes and preferences. This regional diversity indicates a dynamic market landscape, with each region contributing uniquely to the overall growth of the luxury goods sector.

Product Type Analysis

The luxury goods market can be segmented by product type into watches and jewelry, apparel and leather goods, cosmetics and fragrances, wines and spirits, and others. Watches and jewelry have long been a cornerstone of the luxury market, with iconic brands like Rolex and Cartier leading the charge. These items are often seen as investments, with their timeless appeal and intrinsic value. The demand for high-end watches and jewelry is particularly strong in Asia and the Middle East, where consumers have a cultural affinity for gold and gemstones. In recent years, there has been a resurgence in the popularity of vintage and pre-owned luxury watches, attracting collectors and enthusiasts worldwide.

Apparel and leather goods represent another significant segment, encompassing high-fashion clothing, handbags, and accessories. Brands such as Louis Vuitton, Gucci, and Hermès dominate this space, known for their exquisite craftsmanship and exclusive designs. This segment benefits from constant innovation and seasonal collections that keep consumers engaged. The emergence of 'athleisure' trends has also influenced luxury fashion, with brands incorporating sporty elements into their designs. Additionally, collaborations with celebrities and influencers have become strategic marketing tools to reach broader audiences and drive sales in this segment.

Cosmetics and fragrances form a dynamic and rapidly evolving segment within the luxury goods market. Th

The Latin America luxury goods market was valued at USD 31.57 Billion in 2024. The industry is expected to grow at a CAGR of 5.20% during the forecast period of 2025-2034 to attain a valuation of USD 52.41 Billion by 2034.

This statistic shows the share of the luxury goods market worldwide in 2023, by region. In 2023, Americas held an estimated ** percent share of the global luxury goods market. Luxury goods industryThe global luxury goods industry, which includes drinks, fashion, cosmetics, fragrances, watches, jewelry, luggage and handbags, has been on an upward climb for many years. Although the technical term 'luxury good' is independent of the goods' quality, they are generally considered to be goods at the highest end of the market in terms of quality and price. Luxury goods manufacturers meet consumer demand by focusing on brand, aesthetics, quality materials, superior craftsmanship and pricing to transform everyday objects into status symbols. The industry rises and falls with the gross domestic product (GDP), seeing demand climb in times of economic stability and plummeting in unfavorable economic climates. The United States has long been the largest regional market for luxury goods. Louis Vuitton was the most valuable luxury brand in the world, with a brand value of about ***** billion U.S. dollars in 2022. The LVMH Group's total revenue for the 2022 fiscal year was about **** billion euros.New markets and segments are giving the industry growth points. One challenge for luxury companies is to maintain brand equity and cultivate their customer relationships. As luxury expands into more industries, expect a more mature segmented market. As a result, consumers should also become more rational.

Used Luxury Goods Selling Service Market Outlook

The global used luxury goods selling service market size was valued at USD 28.5 billion in 2023 and is projected to reach USD 59.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.5% during the forecast period. The growth of this market can be attributed to the increasing consumer inclination towards sustainable fashion and the economic benefits associated with purchasing pre-owned luxury items.

One of the significant growth factors driving the used luxury goods selling service market is the rising awareness and demand for sustainable fashion. As consumers become more environmentally conscious, there is a growing preference for pre-owned luxury items to reduce waste and extend the lifecycle of high-quality products. This trend is particularly prominent among younger demographics who are more aware of the environmental impact of fast fashion. Moreover, luxury brands have started embracing this shift by launching their own resale platforms, thus legitimizing the market and attracting a wider audience.

Another crucial factor contributing to the market growth is the economic benefits associated with purchasing pre-owned luxury goods. High-priced luxury items, such as jewelry, handbags, and watches, often retain significant value over time. This makes them attractive investments, especially during economic downturns. Consumers are increasingly recognizing the value proposition of obtaining high-quality, timeless pieces at a fraction of the original price. The affordability factor opens up luxury items to a broader audience, further driving the marketÂ’s expansion.

The proliferation of digital platforms has also played a pivotal role in the growth of the used luxury goods selling service market. Online platforms have made it easier for consumers to buy and sell pre-owned luxury goods, with a wide range of products available at their fingertips. These platforms offer convenience, wider reach, and often incorporate authentication services to ensure the genuineness of the items. The digital revolution has not only heightened accessibility but also fostered trust among buyers and sellers, thereby bolstering market growth.

Regionally, North America and Europe are the leading markets for used luxury goods, driven by high disposable incomes and a robust luxury goods industry. In North America, particularly in the United States, the growing acceptance of second-hand luxury items and the presence of numerous online resale platforms contribute significantly to market growth. Europe, known for its rich history in luxury fashion, also sees substantial market activity. However, the Asia Pacific region is anticipated to exhibit the highest growth rate during the forecast period. Rising middle-class incomes, increasing internet penetration, and growing awareness about sustainable consumption are key factors propelling the market in this region.

The concept of Luxury Brand Apparel Rental is gaining traction as a sustainable and cost-effective alternative to owning high-end fashion items. This service allows consumers to experience the allure of luxury brands without the long-term commitment of purchase, making it an attractive option for fashion enthusiasts who desire variety and exclusivity. By renting luxury apparel, individuals can access a rotating wardrobe of designer pieces, perfect for special occasions or simply to indulge in the latest trends. This model not only democratizes access to luxury fashion but also aligns with the growing consumer demand for sustainable practices, as it reduces the need for constant production and consumption of new items. As more consumers embrace this trend, luxury brand apparel rental services are poised to become a significant component of the fashion industry, offering a unique blend of luxury, sustainability, and affordability.

Product Type Analysis

The used luxury goods selling service market is segmented by product type into apparel, footwear, accessories, jewelry, watches, handbags, and others. Each segment caters to different consumer preferences and exhibits unique growth dynamics. Apparel constitutes a significant portion of the market, driven by the high turnover rate of fashion items. Consumers frequently update their wardrobes, creating a steady supply of pre-owned apparel. The demand for high-end brands and designer clothing at reduced prices is a significant driver in this segment. Additionally, the trend of vintage fashion has revived

According to cognitive market research, the global Luxury Goods Market size was valued at USD xx billion in 2024 and is expected to reach USD xx billion at a CAGR of xx% during the forecast period.

North America held the largest share of the global Turbo Generator market around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Asia-Pacific accounted for a share of over XX% of the global market size of USD XX million.
Europe held a market share of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
The Latin American market is around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.
Middle East and Africa held the major market of around XX% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of XX% from 2024 to 2031.

Market Dynamics of the Luxury Goods Market

Key Drivers of the Luxury Goods Market

Increasing the wealth of the population will help in market expansion.

Luxury goods are the primary product for the wealthy population and an increasing number of them led to the expansion of the market. There are 2,781 billionaires in the world, and according to the Hurun Global Rich List, china has the highest number of billionaires 814 in the world. To attract the Gen Z generation and millennials to luxury products businesses are tailoring their product offerings. For example, brands like Louis Vuitton have added customized options or the option of hand paints or adding a hot stamp to their bags. This attracts Gen Z and the wealthy population’s rising desire for high-end fashion goods. • For Instance, the report by ET BRAND EQUITY.com the billionaires' spending on luxury brands has increased as global financial wealth grew by 10.6% at the fastest rate as compared to the last decade, a hike of $26 trillion in wealth can be seen. Also Hermes International said that they have seen a growth of 24% excluding currency swings.

(Source:https://brandequity.economictimes.indiatimes.com/news/business-of-brands/the-worlds-rich-are-spending-on-luxury-goods-like-its-1999/95054360#:~:text=The%20immense%20growth%20in%20affluence,increasing%20demand%20for%20luxury%20goods.&text=Global%20financial%20wealth%20grew%2010,extra%20%2426%20trillion%20in%20wealth).

• For instance, according to the report consultancy.eu there will be a hike in the luxury goods market by 12% and the luxury goods market considering watches, jewelry, and fashion brands are expected to reach €570 billion by 2030, and the market of personal luxury personal care is expected to grow around 10-12%.

(Source:https://www.consultancy.eu/news/9073/global-luxury-goods-industry-could-grow-by-12-this-year).

Increasing awareness towards eco-friendly or sustainable products provides an opportunity for growth.

The global luxury brand is promoting the use of sustainable and eco-friendly raw material products instead of using animal-based products like leather, the luxury brands have started using plant-based leather like pineapple and other organic resources that can be used to make jackets, footwear, and handbags. Consumers are also demanding sustainable and eco-friendly products. Here are some brands that use vegan or plant-based leather for manufacturing luxury goods Stella McCartney, Gunas, Angela Roi, MATT & NAT, etc. Additionally, the brands also emphasize safe raw materials, less water consumption, and less electricity use throughout the supply chain. Some brands have also used the offer of high-end solar watches made from recycled material. • For instance, according to the article by Appnova, the demand for sustainability in luxury brands is increasing as per the report there are around 85% of millennials and the Generation Z population help to increase the sales of luxury brands. The study indicates that around 73% of millennials are looking forward to spending more on sustainable luxury products.

(Source:https://www.appnova.com/sustainability-in-luxury-fashion-top-brands-and-their-sustainable-practices/).

...

The Luxury Goods Market Report is Segmented by Product Type (Clothing and Apparel, Footwear, and More), End User (Men, Women, and Unisex), Distribution Channel (Single Brand Stores, Multi Brand Stores, and More) and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Value (USD).