Market Trends of United States Luxury Goods Industry
This section covers the major market trends shaping the US Luxury Goods Market according to our research experts:
High Prevalence of Fashion-Conscious Consumers
The United States exhibits a wider base of fashion-conscious customers with relatively high purchasing power than other countries, checking up with the new trend in the market in terms of personal accessories including apparel, bags, watches, and jewelry. Further, consumer behavior is highly inspired by social media influencers promoting the newly launched collections of luxury brands to attract potential buyers. Additionally, consumers are interested in luxury goods owing to their unique designs, durability, comfort, and aesthetics that sets them apart from fast fashion products. Also, the market is characterized by a higher degree of celebrity endorsement as millennials are inclined towards luxury brands that are being promoted by celebrities. For instance, in August 2022, Calvin Klein announced Son Heung-Min, the South Korean football player as a new brand ambassador.
Clothing and Apparel Segment Holds Prominent Share
The apparel and clothing segment grew rapidly over several years as people became more fashion-oriented, especially the young generations, and their increased purchasing power in the backdrop of the recent economic boom. Nowadays luxury brands are concentrating more on providing trendy fashionable clothes to look young to cater to this brands are coming up with street-style ready-to-wear apparel, and customized clothing, to attract consumers. Luxury athleisure is trending as the wellness economy is prospering with the rise of luxury gym wear, activewear, and sportswear in the United States market.
Further, post covid, people are practicing yoga, jogging, and spending more time in the gym not only to boost immunity but also to recover from stress, and depression and to stay healthy which in turn increased the sales of luxury yoga wear and gym wear in the region. Further, the increased number of Women Insta influencers on social media has given customized luxury products a new path in the market. For instance, Kerring's brand Gucci declared that customers could design Gucci's jackets, shoes, apparel, and bag then they can select their appliqués to put on to look the product aesthetic and unique. This service is available in their New York flagship stores and on their online website.
