North America Luxury Goods Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 103.10 Billion |
| Market Size (2029) | USD 145.08 Billion |
| CAGR (2024 - 2029) | 7.07 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Luxury Goods Market Analysis
The North America Luxury Goods Market size is estimated at USD 103.10 billion in 2024, and is expected to reach USD 145.08 billion by 2029, growing at a CAGR of 7.07% during the forecast period (2024-2029).
North America demonstrates a more extensive base of fashion-conscious consumers with comparatively higher spending power, keeping up with the latest market trends for personal accessories like clothing, purses, watches, and jewelry. Social media influencers that promote luxury businesses' newly released collections to draw in customers impact consumer behavior. Customers are also drawn to luxury goods because of their distinctive designs, longevity, comfort, and aesthetics, which set them apart from fast fashion accessories. Furt more, the region has a strong network of single-brand and multi-brand stores in airports and shopping centers, enabling affluent customers to select from various product choices from regional and international luxury brands.
The region's demand for luxury products is significantly high, owing to the high disposable incomes. Moreover, North America remains one of the most important destinations for luxury tourism, making it unique as a market for luxury retail in the region. The e emergence of e-commerce has provided easy access to product-related information and prices through online sources at any time. This significant trend has further contributed to the overall growth of the North American luxury market.
After facing a slowdown during Covid 19, the North American luxury goods market has undergone a V-shape rebound. Additionally, demand for luxury goods is constantly rising owing to the increasing number of high-income individuals and the introduction of new innovative luxury goods in the region. In addition to traditional luxury products, digital assets and the virtual world, which include social media, gaming, and the metaverse, are becoming increasingly important in terms of luxury brands' value propositions, which will become increasingly important in the forecasted period. To compete in the increasingly competitive luxury market, luxury brands have the opportunity to be critical players in the development of virtual worlds.
North America Luxury Goods Market Trends
This section covers the major market trends shaping the North America Luxury Goods Market according to our research experts:
Rising Number of High-Net-Worth Individuals in the Region
The massive, wealthy population in North America with high incomes, eager to spend on high-end personal luxury accessories marketed by luxury brands, is attributed to driving demand for luxury products. A growing number of wealthy people demonstrating an excellent appreciation for having several luxury products are providing a massive boost to the North American luxury goods market. Coldwell Banker Global Luxury and Coldwell Banker Real Estate LLC's analysis indicates that the number of Americans with a net worth of at least USD 5 million increased by nearly 25% in 2021. In addition, the market for luxury goods in North America is anticipated to expand during the forecast period due to an expanding young working-class population, opportunities for working from home, rising consumer awareness of the advantages of high-quality goods, and a rise in consumer purchasing power.
Furthermore, luxury brands are expanding their presence in the region owing to the rising demand by high-worth individuals. For instance, over the past few years, French luxury group Kering SA has been opening and renovating Gucci stores across the country, including the most recent one in Austin, Texas. About 27% of Gucci's revenue comes from North America. In April 2022, Gucci leased a 10,000-square-foot space at the American Dream mall in New Jersey.
Multi- Brand Store Holds A Prominent Share
Multi-brand stores are the main distribution channels for luxury products because they offer a large amount of retail space that can accommodate a wide range of preferences. Multi-brand stores have an abundance of choices for various luxury goods categories. Consumers buying luxury goods from multi-brand can choose from a range of novel packaging options. Moreover, the manufacturers have made significant innovations in outer packaging by high color printing as brands bid for attention. Further, single-branded stores are expected to continue to gain popularity in high-tier cities. Visiting an exclusive store gives consumers a choice to check the quality of products and compare the prices to make the right shopping decisions. The presence of a large number of stores at easily accessible locations, growing urbanization, and increased expenditure capacity of consumers are driving the demand for multi-brand stores all around the globe.
North America Luxury Goods Industry Overview
The North American luxury goods market is highly competitive, with many domestic and multinational players competing for market share. Emphasis is given to the companies' mergers, expansion, acquisitions, partnerships, and new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Giorgio Armani SpA, Kering Group, Louis Vuitton North America, Inc., Rolex SA, Hermès, The Estée Lauder Companies, Patek Philippe SA, The Swatch Group, and Richemont, among others.
North America Luxury Goods Market Leaders
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Giorgio Armani S.p.A.
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Kering Group
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Rolex SA
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LVMH Moët Hennessy Louis Vuitton
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Hermès International S.A.
*Disclaimer: Major Players sorted in no particular order
North America Luxury Goods Market News
- 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.
North America Luxury Goods Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Clothing and Apparel
5.1.2 Footwear
5.1.3 Bags
5.1.4 Jewelry
5.1.5 Watches
5.1.6 Other Types
5.2 By Distribution Channel
5.2.1 Single-branded Stores
5.2.2 Multi-brand Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 By Country
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Giorgio Armani S.p.A.
6.3.2 Kering Group
6.3.3 LVMH Moët Hennessy Louis Vuitton
6.3.4 Rolex SA
6.3.5 Hermès International S.A.
6.3.6 The Estée Lauder Companies
6.3.7 Patek Philippe SA
6.3.8 The Swatch Group
6.3.9 Gucci
6.3.10 Richemont
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Luxury Goods Industry Segmentation
Luxury goods, also called superior goods, are products with a demand directly related to consumer income exponentially. The luxury goods market in North America is segmented based on type, distribution channels, and geography The market is segmented by clothing and apparel, footwear, bags, jewelry, watches, and other types. Based on the distribution channel, the market is segmented into single-branded stores, departmental stores, online stores, and other distribution channels. Also, the study analyzes the luxury goods market in emerging and established markets across North America, including the United States, Canada, Mexico, and the Rest of North America. For each segment, the market sizing and forecasts have been done based on value (in USD million).
| 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 |
| By Country | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Luxury Goods Market Research FAQs
How big is the North America Luxury Goods Market?
The North America Luxury Goods Market size is expected to reach USD 103.10 billion in 2024 and grow at a CAGR of 7.07% to reach USD 145.08 billion by 2029.
What is the current North America Luxury Goods Market size?
In 2024, the North America Luxury Goods Market size is expected to reach USD 103.10 billion.
Who are the key players in North America Luxury Goods Market?
Giorgio Armani S.p.A., Kering Group, Rolex SA, LVMH Moët Hennessy Louis Vuitton and Hermès International S.A. are the major companies operating in the North America Luxury Goods Market.
What years does this North America Luxury Goods Market cover, and what was the market size in 2023?
In 2023, the North America Luxury Goods Market size was estimated at USD 96.29 billion. The report covers the North America Luxury Goods Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Luxury Goods Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Luxury Goods Industry Report
Statistics for the 2024 North America Luxury Goods market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Luxury Goods analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
