Luxury consumers are still willing to spend, with younger ones leading the way

Key stat: 72.6% of US luxury buyers surveyed in August 2024 planned to spend the same amount or more on personal luxury goods over the next year, according to an EMARKETER and Bizrate Insights survey.

Beyond the chart:

• Adult Gen Zers and younger millennials were more likely than average to buy luxury products. Footwear, apparel, and fragrance were the top purchase categories among shoppers ages 18 to 34.
• Department stores were the No. 1 location for shopping for luxury goods, beating out all ecommerce and brand-owned channels.
• But the majority (57.4%) of people 18 to 34 were interested in social commerce for shopping for luxury goods, the survey found.

Use this chart: Marketers and retailers can use this chart to demonstrate how luxury consumers are still willing to spend and make the case for higher priced goods and services amid economic uncertainty.

Related EMARKETER reports:

• US Luxury Consumers and Their Path to Purchase (EMARKETER subscription required)
• Luxury Ecommerce 2024 (EMARKETER subscription required)

Note: For this study, luxury goods are defined as products that are priced at a premium and positioned with a higher level of quality, craftsmanship, exclusivity, and/or scarcity relative to the majority of goods in a given product category. Personal luxury goods include apparel and accessories, footwear, eyewear, cosmetics and beauty products, and watches and jewelry that meet the definition of luxury goods

Methodology: Data is from the August 2024 "The EMARKETER Luxury Survey" conducted by Bizrate Insights. 967 US adults ages 18 + were surveyed online between July 29 and August 22, 2024. Respondents identified as female (52.8%) and male (47.2%) and were ages 18-34 (26.0%), 35-54 (27.4%), 55-64 (24.6%), and 65 or more(22.0%). Data has a margin of error of +/-3 percentage points at the 95% confidence interval. Respondents were members of Bizrate Rewards, the Bizrate Consumer Panel operated by Bizrate Insights, which is comprised of over 2 million panelists who provide feedback based on their experiences and opinions. The Bizrate Rewards panel is comprised of a broad demographic profile which represents a sampling of all ages, education levels, genders, and incomes. At the time of joining the panel, each panelist stated they had shopped online. In exchange for providing feedback, panelists have the opportunity to earn points, which can be exchanged for electronic gift cards. This survey, provided by Bizrate Insights on behalf of EMARKETER, provides a monthly consumer pulse of digital shopping behavior and intent.