Luxury Ecommerce 2024

How High-End Brands Can Weather the Lows

Report by Sky Canaves  | Nov 20, 2024
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Executive Summary
Worldwide sales of personal luxury goods are on track to surpass the half-trillion mark in 2028
The US will lag the global average for luxury sales growth
Luxury brands can no longer rely on China for outsize growth
Luxury brands must seek new paths to growth
Sources
Media Gallery
About This Report
Luxury brands are grappling with downturns in the US and China, the largest markets for personal luxury goods, and will have to seize opportunities for growth from new markets and product innovation.
Topics
Luxury Goods
United States
China
Worldwide
Table of Contents
Executive Summary
Worldwide sales of personal luxury goods are on track to surpass the half-trillion mark in 2028
The US will lag the global average for luxury sales growth
Luxury brands can no longer rely on China for outsize growth
Luxury brands must seek new paths to growth
Sources
Media Gallery

High-end brands are grappling with a slowdown in demand in the US and China, the two largest markets for personal luxury goods. Amid challenging conditions, luxury brands and retailers will have to double down on fostering creativity and connecting with their customers wherever they are.

Key Question: What is the sales outlook for personal luxury goods worldwide and in key markets through 2028?

Amid Growth Moderation, Global Luxury Sales Will Surpass Half a Trillion Dollars in 2028 (billions in personal luxury retail sales worldwide and % change, 2021-2028)
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Key Stat: Worldwide sales of personal luxury goods will grow by just 3.2% in 2024 to reach $429.15 billion, weighed down by slower growth in the US and China.

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Table of Contents

  1. Executive Summary
  2. Worldwide sales of personal luxury goods are on track to surpass the half-trillion mark in 2028
  3. The US will lag the global average for luxury sales growth
  1. Luxury brands can no longer rely on China for outsize growth
  2. Luxury brands must seek new paths to growth
  3. Sources
  1. Media Gallery

Charts in This Report

Amid Growth Moderation, Global Luxury Sales Will Surpass Half a Trillion Dollars in 2028 (billions in personal luxury retail sales worldwide and % change, 2021-2028)The US and China Share of Global Luxury Retail Sales Will Contract Slightly Through 2028 (billions in personal luxury retail sales in the US, China, and rest of world, 2024-2028)
The Ecommerce Share of Worldwide Luxury Retail Sales Peaked in 2021 (billions in personal luxury retail ecommerce sales worldwide, % change, and % of total personal luxury retail sales, 2021-2028)US Luxury Sales Will Hover Below the Global Average Each Year Through 2028 (billions in US personal luxury retail sales and % change vs. worldwide % change, 2024-2028)
Beauty Will Grow Faster Than Other Major Luxury Subcategories in 2025 (billions in US personal luxury retail sales and % change vs. prior year, by subcategory, 2025)US Luxury Ecommerce Growth Has Stalled as Brands Prioritize In-Store Experiences (billions in US personal luxury retail ecommerce sales, % change, and % of total personal luxury retail sales, 2024-2028)
Discounts and Convenience Are the Top Factors Driving Luxury Shoppers to Buy Online (% of US adult luxury buyers, Aug 2024)China's Domestic Luxury Market Won't Stage a Major Comeback Anytime Soon (billions in personal luxury retail sales in China and % change, 2024-2028)
Luxury's Online Growth Will Lag in the World's Largest Ecommerce Market (billions in personal luxury retail ecommerce sales in China, % change, and % of total personal luxury retail sales, 2024-2028)Half of Luxury Beauty Sales in China Will Take Place Online in 2026 (billions in luxury cosmetics and beauty retail ecommerce sales in China, % change, and % of total luxury cosmetics and beauty retail sales, 2024-2028)
Led by Younger Consumers, Most Luxury Shoppers Plan to Maintain or Increase Spending (% of US adult luxury buyers, Aug 2024)Younger Shoppers Are More Than Twice As Likely As Average to Buy Luxury Goods on Social Platforms (% of US adult luxury buyers, Aug 2024)

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authors

Sky Canaves

Contributors

Suzy Davidkhanian
VP, Content
Jasmin Ellis
Forecasting Analyst
Na Li
Director, Primary Research
Wendy Malloy
Director, Reports Editor
Sarah Marzano
Principal Analyst, Retail Media
Jennifer Pearson
VP, Research
Amy Rotondo
Director, US Research
Matt Torpey
Senior Chart Editor
Emman Velasco
Chart Editor
Ali Young
Senior Copy Editor