Report Overview

United States Luxury Goods Market – Industry Trends & Forecast Report, 2031

United States Luxury Goods Market size was estimated at USD 68.97 billion in 2024. During the forecast period between 2025 and 2031, United States Luxury Goods Market size is projected to grow at a CAGR of 5.8% reaching a value of USD 99.74 billion by 2031. Prominent drivers of the market include rising disposable incomes and a growing affluent consumer base, which significantly increase demand for high-end, exclusive products. The expanding influence of social media and digital platforms plays a crucial role by enhancing brand visibility and making luxury goods more accessible through e-commerce. Moreover, changing consumer preferences toward experiential luxury and personalized products are reshaping the market landscape. Strategic partnerships and collaborations with renowned designers, artists, and celebrities also contribute to innovation and exclusivity, further strengthening the appeal of luxury brands. These factors collectively foster sustained growth and dynamism within United States Luxury Goods Market.

Luxury Goods – Overview

Luxury goods represent prestige, exclusivity, and exceptional craftsmanship, going beyond mere possessions to symbolize sophistication and status. These high-end items—ranging from designer fashion and luxury watches to premium automobiles and accessories—appeal to consumers seeking superior quality and elegance. The attraction lies not only in the product but also in the brand’s heritage and narrative. Often produced in limited quantities, luxury goods emphasize rarity and distinction, embodying a lifestyle defined by refinement, exclusivity, and a dedication to excellence.

United States Luxury Goods Market

Growth Drivers

Brand Consciousness and Status Symbol

The growth of United States Luxury Goods Market is significantly driven by increasing brand consciousness and the desire for status symbols among affluent consumers. A widespread wealthy population with high disposable income actively seeks high-end personal luxury accessories offered by both regional and global luxury brands. The country’s extensive network of single-brand and multi-brand stores in airports and shopping malls provides consumers with diverse choices, further fueling demand. Moreover, the rising preference for premium, curated collections in apparel, jewelry, bags, watches, and other fashion accessories reflects the evolving tastes of American consumers who value exclusivity and quality. Social media influencers and celebrity endorsements play a pivotal role in shaping consumer behavior, promoting new luxury collections and enhancing brand appeal. For instance, notable brand collaborations with celebrities, such as Calvin Klein’s partnership with South Korean footballer Son Heung-Min, exemplify this trend. Luxury brands are increasingly investing in digital marketing and e-commerce partnerships to engage a growing online shopper base. These strategies, combined with limited-time offers and exclusive deals available only on official brand websites, help maintain brand prestige while driving organic consumer engagement. Together, these factors underscore how brand consciousness and the pursuit of status symbols are key catalysts for sustained growth in the U.S. luxury goods market.

Challenges

Counterfeit Products

The counterfeit market poses a significant restraint to the growth of United States Luxury Goods Market. The widespread availability of fake luxury products undermines brand value and consumer trust, leading to reduced sales for authentic brands. Counterfeits often mimic high-end goods at a fraction of the price, attracting price-sensitive buyers and diverting potential revenue away from legitimate manufacturers. Additionally, the presence of counterfeit products complicates brand protection efforts and increases costs related to legal actions and anti-counterfeiting technologies. As a result, the counterfeit market challenges market expansion by eroding exclusivity and damaging the reputation of genuine luxury brands.

Impact of Escalating Geopolitical Tensions on United States Luxury Goods Market

Escalating geopolitical tensions can significantly impact United States Luxury Goods Market. Such tensions often lead to economic uncertainty, affecting consumer confidence and discretionary spending on high-end products. Trade restrictions, tariffs, and sanctions may disrupt supply chains and increase production costs for luxury brands, limiting product availability and raising prices. Additionally, geopolitical conflicts can hinder international travel and tourism, reducing the influx of affluent foreign buyers who contribute substantially to luxury goods sales. Furthermore, fluctuating currency values and market volatility may impact investment and expansion plans within the sector, ultimately slowing market growth during periods of heightened geopolitical instability.

United States Luxury Goods Market

Segmental Coverage

United States Luxury Goods Market – By Product Type

Based on product type, United States Luxury Goods Market is divided into Apparel & Footwear, Accessories, Cosmetics & Fragrances, Home & Living, and Wines & Spirits segments. The apparel & footwear segment holds the highest share in United States Luxury Goods Market by product type. The growth is driven by increasing fashion consciousness, especially among younger consumers with rising purchasing power amid recent economic growth. Luxury brands are focusing on trendy, street-style ready-to-wear and customized clothing to appeal to this demographic. The rising wellness economy has also popularized luxury athleisure, including gym wear, activewear, and sportswear. Post-COVID health trends like yoga and fitness have boosted demand for luxury wellness apparel. Additionally, social media influencers have propelled personalized luxury products, with brands like Gucci offering customizable options both in stores and online.

United States Luxury Goods Market – By Distribution Channel

On the basis of distribution channel, United States Luxury Goods Market is split into Offline Retail and Online Retail segments. The offline retail segment holds a larger market share of United States Luxury Goods Market by distribution channel. The offline segment’s market dominance is driven by the customers’ preference for purchasing their luxury goods from their favorite brick & mortar stores.

United States Luxury Goods Market – By End User

Based on end user, United States Luxury Goods Market is divided into Men, Women, Unisex, and Children segments. The women’s segment holds the highest share in United States Luxury Goods Market by end user, driven primarily by the rising wealth and financial independence of women worldwide. For example, Forbes’ 2023 list included 337 billionaire women, up from 327 in 2022, reflecting growing purchasing power in this demographic. This increase in wealth has fueled strong demand for luxury products tailored to women. Additionally, women’s heightened focus on personal style and self-expression has further boosted the market. The influence of social media platforms also plays a key role, inspiring women and providing a space to display their fashion choices, thereby amplifying demand for luxury fashion items.

Competitive Landscape

Major players operating in United States Luxury Goods Market include Kering, The Swatch Group Ltd, Giorgio Armani S.p.A., LVMH Moët Hennessy Louis Vuitton, and PVH Corp. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Product Type

• Apparel & Footwear

• Accessories

• Cosmetics & Fragrances

• Home & Living

• Wines & Spirits

By Distribution Channel

• Offline Retail

• Online Retail

By End User

• Men

• Women

• Unisex

• Children

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. United States Luxury Goods Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Drivers
         1. Brand Consciousness & Status Symbol
         2. High Disposable Income
         3. Personalization & Customization Trends
      2. Restraints
         1. Economic Fluctuations
         2. Counterfeit Market
      3. Opportunities
         1. Sustainable & Ethical Luxury
         2. Digital Innovations
      4. Challenges
         1. Intense Competition
         2. Changing Consumer Preferences
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. United States Luxury Goods Market: Marketing Strategies
5. United States Luxury Goods Market: Pricing Analysis
6. United States Luxury Goods Market Overview
   1. Market Size & Forecast, 2019–2031
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product Type
         1. Apparel & Footwear
         2. Accessories
         3. Cosmetics & Fragrances
         4. Home & Living
         5. Wines & Spirits
      2. By Distribution Channel
         1. Offline Retail
         2. Online Retail
      3. By End User
         1. Men
         2. Women
         3. Unisex
         4. Children
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. United States Luxury Goods Market Share Analysis, 2024
      1. Competitive Benchmarking, By Operating Parameters
   3. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
8. Impact of Escalating Geopolitical Tensions on United States Luxury Goods Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Kering
   2. The Swatch Group Ltd
   3. Giorgio Armani S.p.A.
   4. LVMH Moët Hennessy Louis Vuitton
   5. PVH Corp.
   6. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       United States Luxury Goods Market Segmentation                     

Figure 2       United States Luxury Goods Market Value Chain Analysis           

Figure 3       Company Market Share Analysis, 2024

Figure 4       United States Luxury Goods Market Size, By Value (USD Billion), 2019–2031          

Figure 5       United States Luxury Goods Market Share, By Product Type, By Value, 2019–2031

Figure 6       United States Luxury Goods Market Share, By Distribution Channel, By Value, 2019–2031 

Figure 7       United States Luxury Goods Market Share, By End User, By Value, 2019–2031

Figure 8       United States Luxury Goods Market Share, By Product Type, By Value, 2019–2031

Figure 9       United States Luxury Goods Market Share, By Distribution Channel, By Value, 2019–2031

Figure 7       United States Luxury Goods Market Share, By End User, By Value, 2019–2031

List of Tables

Table 1         United States Luxury Goods Market Size, By Value (USD Billion), 2019–2031

Table 2         United States Luxury Goods Market Share, By Product Type , By Value, 2019–2031                            

Table 3         United States Luxury Goods Market Share, By Distribution Channel, By Value, 2019–2031

Table 4         United States Luxury Goods Market Share, By End User, By Value, 2019–2031

Table 5         United States Luxury Goods Market Share, By Product Type , By Value, 2019–2031

Table 6         United States Luxury Goods Market Share, By Distribution Channel, By Value, 2019–2031

Table 7         United States Luxury Goods Market Share, By End User, By Value, 2019–2031

Table 8         Kering Company Overview

Table 9         Kering Financial Overview

Table 10       The Swatch Group Ltd Company Overview

Table 11       The Swatch Group Ltd Financial Overview

Table 12       Giorgio Armani S.p.A. Company Overview

Table 13       Giorgio Armani S.p.A. Financial Overview

Table 14       LVMH Moët Hennessy Louis Vuitton Company Overview

Table 15       LVMH Moët Hennessy Louis Vuitton Financial Overview

Table 16       PVH Corp. Company Overview

Table 17       PVH Corp. Financial Overview