Luxury Ecommerce 2023

Brands Face a Balancing Act to Meet the Shifts in Consumer Demand

Report by Sky Canaves  | UPDATED: Dec 22, 2023
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Executive Summary
Luxury’s global growth outlook comes back down to earth as aspirational consumers pull back.
The global sales growth rate for personal luxury goods will continue to outpace overall retail.
The US will retain its title as the world’s biggest market for personal luxury goods.
China’s luxury spending will spike in 2023 and then moderate.
Sources
Media Gallery
About This Report
As the dust settles on luxury’s big post-pandemic rebound, high-end brands will have to become savvier and more flexible to meet evolving consumer demands.
Topics
Luxury Goods
United States
China
Worldwide
Table of Contents
Executive Summary
Luxury’s global growth outlook comes back down to earth as aspirational consumers pull back.
The global sales growth rate for personal luxury goods will continue to outpace overall retail.
The US will retain its title as the world’s biggest market for personal luxury goods.
China’s luxury spending will spike in 2023 and then moderate.
Sources
Media Gallery

The big US rebound in luxury consumption is now in the rearview mirror, and China’s post-pandemic return to spending is proving more muted than anticipated. Amid these challenges in the world’s two largest markets for luxury goods, high-end brands and retailers will have to serve the needs of their core customers while appealing to the next generation of luxury consumers.

Key Question: What is the outlook for the personal luxury goods market and what is the role of digital channels in luxury marketing and sales?

Key Stat: Worldwide personal luxury sales will grow from $415.45 billion in 2023 to half a trillion in 2027. The two largest markets—the US and China—will grow their share to account for 50.6% of total luxury sales by then.

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Table of Contents

  1. Executive Summary
  2. Luxury’s global growth outlook comes back down to earth as aspirational consumers pull back.
  3. The global sales growth rate for personal luxury goods will continue to outpace overall retail.
  1. The US will retain its title as the world’s biggest market for personal luxury goods.
  2. China’s luxury spending will spike in 2023 and then moderate.
  3. Sources
  1. Media Gallery

Charts in This Report

Personal Luxury Retail Ecommerce Sales Worldwide, 2021-2027 (billions, % change, and % of total personal luxury retail sales)US Personal Luxury Retail Ecommerce Sales, 2021-2027 (billions, % change, and % of total personal luxury retail sales)
Top 10 Digital Video Services Used for Movies According to Internet Users in Australia, 2020 & 2021 (% of respondents)Luxury Cosmetics and Beauty Retail Ecommerce Sales in China, 2023-2027 (billions, % change, and % of total luxury cosmetics and beauty retail sales)
Luxury Fragrance Retail Ecommerce Sales in China, 2023-2027 (millions, % change, and % of total luxury fragrance retail sales)Personal Luxury Retail Ecommerce Sales in China, 2021-2027 (billions, % change, and % of total personal luxury retail sales)

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First Published on Oct 9, 2023

authors

Sky Canaves

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Iwona Drapala
Senior Forecasting Analyst
Andrew Lipsman
Principal Analyst, Retail & Ecommerce
Amy Rotondo
Director, US Research