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US Luxury Fashion Market Report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Luxury Fashion market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Key points included

  • Consumers are willing to invest in the right items
  • Shoppers want reassurance before investment
  • Accessible luxury is a must

Covered in this report

Luxury fashion isn’t only for high net worth or affluent consumers. In fact, a similar amount of affluent consumers made no luxury purchases compared to the general population. It’s important to recognize that future growth will depend on consumers of all income levels, and with looming economic concerns, many consumers – regardless of income levels – will be looking for more affordability.

Expert analysis from a specialist in the field

Written by Alexis DeSalva, a leading analyst in the Retail sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Luxury purchases aren’t exclusive to affluent consumers, as many see value in investing in their appearance. Consumers can rationalize purchasing high quality, high use items and do so from brands that cater to them, offering better return on their investment. However, consumers want reassurance before buying, seeking to avoid buyer’s remorse and wasted purchases, as well as inauthentic ones. Exclusivity is less appealing and, instead, consumers see value in accessible, approachable luxury, meaning products that are still high quality, but feel less unrealistic and more achievable, even if that doesn’t mean owning such items or buying them new. Alexis DeSalva
Retail & Apparel Analyst

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What's included

What's included

Table of contents

Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Market overview
          • Top takeaways
            • Consumers are willing to invest in the right items
              • Shoppers want reassurance before investment
                • Accessible luxury is a must
                  • Key trends
                    • Beyond a brand: consumers want the full experience
                      • Waste not, want not
                        • What it means, and what’s next
                        • The Market – What You Need to Know

                          • An evolving landscape creates new opportunities to engage consumers
                            • Economic concerns could challenge growth
                            • Market Perspective

                              • Evolving retail models bring luxury fashion to more consumers
                              • Market Factors

                                • Affluent versus average consumers
                                  • Who are the affluent consumers?
                                    • Figure 1: High income households by type and age, 2019
                                  • Mutual gender interest in fashion is optimistic for category
                                    • Figure 2: Median household income, by type of household, 2017
                                  • Luxury industry could face headwinds with anticipated economic troubles
                                    • Luxury isn’t immune to the recession
                                      • Potential for price increases add to the plate
                                      • Key Players – What You Need to Know

                                        • Legacy brands’ efforts to evolve are resonating with consumers
                                          • Nordstrom thrives, Barney’s dies
                                            • Brand ethics are under the microscope
                                            • Brand Preferences

                                              • Gucci, Louis, Chanel – oh my!
                                                • Figure 3: Brand Preferences - NET, November 2019
                                              • Political stance resonates with socially driven shoppers
                                                • Evolving the shopping experience for modern consumers
                                                  • Figure 4: LV TV YouTube Clip, September 2019
                                                  • Figure 5: Gucci Instagram post, December 2019
                                                • Beyond a brand
                                                • What’s Working

                                                  • How Nordstrom remains relevant in an ever-changing retail landscape
                                                    • Delivering value without relying on discounts
                                                      • Figure 6: Nordstrom Instagram post, May 2019
                                                    • Creating excitement and experiences
                                                      • Figure 7: Nordstrom Instagram post, November 2019
                                                  • What’s Struggling

                                                    • Tone-deaf marketing impacts brand perception
                                                      • Barney’s: another one bites the dust
                                                      • What to Watch

                                                        • Socially conscious shoppers demand the same from brands
                                                          • Figure 8: Rent The Runway Instagram post, December 2019
                                                      • The Consumer – What You Need to Know

                                                        • Consumers see value in investing in high-use luxury items
                                                          • Consumers stick to traditional retailers for quality assurance and credibility
                                                            • Flexible shopping options make luxury more accessible to all consumers
                                                            • Items Purchased and Recipients

                                                              • Analyst Perspective:
                                                                • Popularity of streetwear signals shoes and everyday clothing are worth the investment
                                                                  • Figure 9: Adidas Instagram post, November 2019
                                                                • Financial concerns and limitations restrict category spending
                                                                  • Figure 10: Items Purchased, November 2019
                                                                • Young, single men spend their money on quality
                                                                  • Figure 11: Items purchased, by gender and age, November 2019
                                                                • Handbags have universal appeal to women
                                                                  • Figure 12: Items purchased and item recipients, by gender and age, November 2019
                                                                • Multicultural consumers seek well rounded wardrobes
                                                                  • Figure 13: Items purchased by race and Hispanic origin, November 2019
                                                              • Retailers Shopped

                                                                • Analyst Perspective:
                                                                  • Traditional retailers are most shopped
                                                                    • Figure 14: Retailers shopped – any clothing retailer (NET), in-store and online, November 2019
                                                                  • Amazon is poised to steal luxury share, but faces authenticity issues
                                                                    • Resale market captures three in 10 shoppers
                                                                      • Why are they popular?
                                                                        • Figure 15: Retailers shopped – resellers, by gender and age, November 2019
                                                                      • Multicultural luxury shoppers interested in alternative purchase options
                                                                        • Figure 16: Retailers shopped, by race and Hispanic origin, November 2019
                                                                    • Shopping Behavior

                                                                      • Analyst perspective:
                                                                        • Multi-channel luxury shoppers want to be catered to on and offline
                                                                          • Figure 17: Shopping Behavior, November 2019
                                                                        • Appearance is everything, besides price
                                                                          • Figure 18: TURF Analysis – Shopping behavior, November 2019
                                                                        • Women aren’t likely to impulsively buy luxury items
                                                                          • Figure 19: Shopping behavior, by gender and age, November 2019
                                                                        • Visual references guide Black shoppers’ purchases
                                                                          • Figure 20: Shopping behavior, by race, November 2019
                                                                      • Motivations to Buy

                                                                        • Analyst perspective:
                                                                          • Discounts unlock new customers
                                                                            • Figure 21: Motivations to buy, November 2019
                                                                          • Women want flexibility in return for investing in luxury
                                                                            • Figure 22: Motivations to buy, by select demographics – November 2019
                                                                          • Sustainable collections spark interest in mission-minded young shoppers
                                                                          • Attitudes toward Luxury Fashion

                                                                            • Analyst perspective:
                                                                              • Luxury fashion concerns: inauthentic and unrealistic
                                                                                • Figure 23: Attitudes toward luxury fashion – November 2019
                                                                              • Combatting counterfeits
                                                                                • Accessible aspiration
                                                                                  • Figure 24: Janet Mandell showroom Instagram post, November 2019
                                                                                • Young shoppers are looking to flaunt luxury purchases
                                                                                  • Figure 25: Attitudes toward luxury fashion, by generation and age – November 2019
                                                                                  • Figure 26: Gucci Instagram post, November 2019
                                                                                  • Figure 27: Gucci Instagram post, October 2019
                                                                                  • Figure 28: Chanel Instagram post, October 2019
                                                                                  • Figure 29: Louis Vuitton Instagram post, October 2019
                                                                                  • Figure 30: Off-White and Nike Instagram post, December 2019
                                                                                • Cart consideration is popular among savvy women
                                                                                  • Figure 31: Attitudes toward luxury fashion, by select gender demographics – November 2019
                                                                              • Appendix – Data Sources and Abbreviations

                                                                                • Data sources
                                                                                  • Consumer survey data
                                                                                    • Abbreviations and terms
                                                                                      • Abbreviations
                                                                                        • Terms

                                                                                        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 tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                        Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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