Description

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

Sales of luxury personal goods in the US plunged in 2020 as demand for high-end apparel and accessories diminished during the pandemic. An uptick in consumer confidence will help the market recover, and luxury shoppers will reemerge ready to spend, but with new expectations for comfort and sustainability.

The global personal luxury goods market – which includes luxury apparel, accessories, hard luxury (ie jewelry and watches) and beauty categories – had been growing steadily for the past decade, but sales in the Americas fell by an estimated 27% to approximately $73.7 billion during the pandemic conditions of 2020. Demand for retail in general fell dramatically during the lockdown period, and with few places for consumers to go or be seen, their interest in luxury brand items diminished.

Nevertheless, with consumer confidence again trending upwards, the market is expected to recover relatively quickly and is expected to return to pre-pandemic levels by early 2023. Pent up demand for “revenge spending” could drive shoppers to treat themselves to high-end luxury purchases, and the return of international travelers to the US will boost bottom lines on Fifth Avenue and Rodeo Drive.

Read on to discover more details or take a look at all of our Consumer Lifestyles market research.

Quickly understand

  • The impact of COVID-19 on the luxury personal goods market.
  • Luxury shoppers’ demographic details and preferences.
  • Barriers and motivations for buying luxury goods.
  • Consumer sentiments around luxury ecommerce.

Covered in this report

Brands: Entireworld, Gucci, Chanel, Dior, Louis Vuitton, Versace, Burberry, Dolce & Gabbana, Giorgio Armani, Fendi, Givenchy, Saint Laurent.

Expert analysis from a specialist in the field

Written by Kristen Boesel, a leading analyst in the Consumer Lifestyles sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The pandemic has forced consumers to re-evaluate the difference between essential and inessential spending. Luxury items fall on the inessential side of the equation and demand for designer apparel and accessories has diminished greatly. During the recovery, it will be incumbent on luxury brands to encourage shoppers to treat themselves and invest in high quality designer goods. In the longer term, making strides toward sustainability can help luxury brands compete against fast fashion.

Kristen Boesel - Research AnalystKristen Boesel
Senior Lifestyles Analyst

Table of Contents

  1. Overview

  2. Executive Summary

  3. The Luxury Market – Key Takeaways

  4. Personal Luxury Goods Market Size

  5. Impact of COVID-19 on the Personal Luxury Goods Market

  6. Market Factors

  7. Companies and Brands – Key Takeaways

  8. Market Opportunities

  9. Competitive Strategies

  10. The Consumer – Key Takeaways

  11. Brands Purchased

  12. Items Purchased

  13. Categories Where Brand Names Matter Most

  14. Purchase Motivations

  15. Buying Luxury Items Online

  16. Appendix – Data Sources and Abbreviations

  17. Appendix – The Consumer

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

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