2023
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US Luxury Shopping Online Market Report 2023
2024-01-03T16:05:27+00:00
REP09E5F18E_FF15_4718_853A_ADB359270CFE
3695
169308
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Report
en_GB
Luxury retail is evolving in the omnichannel era, where digital expansion is paramount to delivering quality experiences to a new generation of luxury shoppers. Brittany Steiger, Senior Analyst, US…

US Luxury Shopping Online Market Report 2023

£ 3,695 (Excl.Tax)

Description

This report explores the attitudes and behaviours of consumers who have shopped for luxury goods online. Below, we summarise the key topics covered and offer handpicked insights from the full document.

Key Topics Covered

  • How consumers define and perceive the concept of “luxury”.
  • Luxury items purchased and pricing tiers.
  • Where consumers shop for luxury items.
  • Important aspects of the online luxury shopping experience.
  • Attitudes toward luxury and shopping for luxury items.

US Luxury Goods Market Overview

The luxury market may be slowing after recent years’ strong savings-backed performance, despite improvements to the economy, with declining consumer confidence and other factors contributing. US luxury sales may have slumped, but the global luxury goods market remains mostly positive. Brands may need to consider promotional strategies to maintain sales as consumers reduce discretionary spending.

Online Luxury Goods Consumer Statistics

  • Over half of consumers have made a luxury purchase in the past three years. This is perhaps surprising, given the financial pressures of recent years. However, this is evidence of stockpiled savings from the pandemic era.
  • Luxury is seen as needing to be high quality above all other characteristics. This makes quality the main lens through which all other aspects can be reinforced. For shoppers willing to spend extra for luxury, quality claims must be clear.
  • Affluent consumers tend to spend $5,000 or less on a luxury purchase. This helps to explain the popularity of mid-tier department stores. Meanwhile, lower-income consumers spend $500 or less, indicating a need for brands to communicate their definition of luxury effectively.

Opportunity for Luxury Goods Brands

eCommerce and omnichannel aren’t going anywhere. To keep up with the evolving demands of the sophisticated, multi-channel luxury consumers of the future, luxury brands and retailers must persist in their technological investments, particularly in AI and digital experiences.

Buy your copy of this report today, and gain fresh insight into the online luxury goods shopper.

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Expert Analysis

Leading retail and eCommerce analyst Brittany Steiger delivers industry expertise with this in-depth report.

Luxury retail is evolving in the omnichannel era, where digital expansion is paramount to delivering quality experiences to a new generation of luxury shoppers.

Brittany Steiger Senior Analyst, Retail & eCommerce

 

Brittany Steiger
Senior Analyst, US Retail and eCommerce Reports

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

  2. Consumer Insights

    • Consumer fast facts
    • Luxury consumer segments
    • Graph 1: luxury consumer segments, 2023
    • Graph 2: luxury consumer segments by age and gender, generation and parental status, 2023
    • Graph 3: luxury consumer segments, by household income and financial health, 2023
    • Graph 4: luxury consumer segments, by race and Hispanic origin, 2023
    • Meaning of luxury
    • Graph 5: meaning of luxury, 2023
    • Graph 6: meaning of luxury, by household income, 2023
    • Graph 7: meaning of luxury, by generation, 2023
    • Graph 8: meaning of luxury, by race and Hispanic origin, 2023
    • Luxury purchases
    • Graph 9: luxury purchase shopping methods, past three years, by generation, 2023
    • Graph 10: luxury purchase history, last three years, by generation – NET, any luxury purchase, 2023
    • Graph 11: luxury purchase history, last three years, by luxury consumer segments, 2023
    • Graph 12: luxury items purchased, past three years, 2023
    • Graph 13: luxury categories purchased, past three years, by generation, 2023
    • Graph 14: luxury categories purchased, past three years, by key demographics, 2023
    • Luxury spending levels
    • Graph 15: spending level tiers (net) across categories, 2023
    • Graph 16: luxury spending levels across categories, 2023
    • Graph 17: top-tier spenders across major categories, by generation, 2023
    • Graph 18: spending level tiers (net), jewelry and watches, by household financial position, 2023
    • Graph 19: spending level tiers (net), furniture and home décor, by household financial position, 2023
    • Where consumers shop for luxury Items
    • Graph 20: luxury retailers shopped, past three years, 2023
    • Graph 21: select retailers shopped, by luxury shopper segments, 2023
    • Graph 22: select retailers shopped, by household financial position, 2023
    • Graph 23: luxury retailers shopped, by generation, 2023
    • Graph 24: select retailers shopped – online marketplaces and alternative acquisitions, by luxury shopper profiles, 2023
    • Graph 25: luxury retailers shopped, Black consumers versus all, 2023
    • Luxury shopping online
    • Graph 26: luxury retailers shopped, last three years, by shopping method, 2023
    • Graph 27: online marketplaces shopped, last three years, by generation, 2023
    • Graph 28: important factors when shopping luxury online, 2023
    • Attitudes toward luxury shopping online
    • Graph 29: attitudes toward luxury shopping online, by generation, 2023
    • Graph 30: attitudes toward BNPL and importance of flexible payments, by household income, 2023
    • Graph 31: attitudes toward luxury shopping online, by generation, 2023
    • Attitudes toward luxury shopping and luxury products
    • Graph 32: attitudes toward quality – any agree, by luxury shopper segments, 2023
    • Graph 33: attitudes toward luxury perceptions, any agree – by luxury shopper profiles, 2023
    • Graph 34: attitudes toward affordable luxury – any agree, by luxury shopper profiles, 2023
    • Graph 35: select attitudes toward luxury, by race and Hispanic origin, 2023
  3. Competitive Strategies

    • Opportunities
  4. The Market

    • Market context
    • Market drivers
    • Graph 36: GDP change from previous period and consumption expenditures, 2007-23
    • Graph 37: consumer price index change from previous period, 2007-23
    • Graph 38: consumer sentiment index, 2007-23
  5. Appendix

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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