The personal luxury goods sector is riding a wave of high demand in the US and China, buoyed by wealthier consumers who are relatively immune to the impact of price increases. But brands will need to appeal to the rising Gen Z consumer, as well as strengthen loyalty among their most important customers.
In the US and China, the luxury goods sector has repeatedly bounced back from pandemic-related declines, thanks to resilient consumer demand and savvy digital strategies. But current economic headwinds will cause luxury buying to decline among the middle class. Brands will have to double down on keeping their wealthier and higher-spending clientele engaged across channels.
3 KEY QUESTIONS THIS REPORT WILL ANSWER
How much has personal luxury spending shifted to digital channels in the US and China, and what is the forecast for the coming years?
Who are the key luxury consumers in the US and China, and what are their attitudes and preferences when it comes to online shopping?
What are the leading trends and best practices in luxury ecommerce by category, sales channel, and geography?
WHAT’S IN THIS REPORT? Our inaugural US and China forecasts for personal luxury goods through 2026, plus an analysis of digital engagement strategies driving growth in luxury ecommerce.
KEY STAT: US personal luxury retail sales will reach nearly $110 billion in 2022, with ecommerce accounting for 22.7% of the total, a slightly higher share than China’s 21.5% of $78.23 billion.
Here’s what’s in the full report
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Table of Contents
Executive Summary
Key Points
How Big Is Luxury’s Ecommerce Opportunity?
Brand Power Will Let Luxury Run the Show Across Channels
What’s Driving Luxury’s Digital Transformation?
How Luxury Brands Can Set Up for Success in 2023 and Beyond
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China Luxury Cosmetics and Beauty Retail Ecommerce Sales, 2022-2026 (billions, % change, and % of China total luxury cosmetics and beauty retail sales)
China Luxury Cosmetics and Beauty Retail Ecommerce Sales, 2022-2026 (billions, % change, and % of China total luxury cosmetics and beauty retail sales)