Luxury Ecommerce 2023

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

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

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First Published on Oct 9, 2023


Sky Canaves


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

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