Luxury Goods 2022

How High-End Brands in the US and China Will Weather the Era of Uncertainty

Report by Sky Canaves  | Sep 14, 2022
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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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Sources
Media Gallery
About This Report
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.
Topics
Luxury Goods
United States
China
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
Read Next
Sources
Media Gallery

Executive Summary

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

  1. How much has personal luxury spending shifted to digital channels in the US and China, and what is the forecast for the coming years?
  2. Who are the key luxury consumers in the US and China, and what are their attitudes and preferences when it comes to online shopping?
  3. 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.

Personal Luxury Retail Sales, US and China, 2022 (billions)
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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.

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Table of Contents

  1. Executive Summary
  2. Key Points
  3. How Big Is Luxury’s Ecommerce Opportunity?
  1. Brand Power Will Let Luxury Run the Show Across Channels
  2. What’s Driving Luxury’s Digital Transformation?
  3. How Luxury Brands Can Set Up for Success in 2023 and Beyond
  1. Read Next
  2. Sources
  3. Media Gallery

Charts in This Report

Personal Luxury Retail Sales, US and China, 2022 (billions)Personal Luxury Retail Sales Growth in the US, Ecommerce vs. Non-Ecommerce, 2020-2026 (% change)
Product Categories in Which US Adults Have Purchased a Luxury Brand, June 2022 (% of respondents)Personal Luxury Retail Sales Growth in China, Ecommerce vs. Non-Ecommerce, 2020-2026 (% change)
US Personal Luxury Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of US total personal luxury retail sales)US Cosmetics and Beauty Retail Ecommerce Sales, 2020-2026 (billions, % change, and % of category retail sales)
China Luxury Cosmetics and Beauty Retail Ecommerce Sales, 2022-2026 (billions, % change, and % of China total luxury cosmetics and beauty retail sales)Perfume Market Penetration in China, France, and the US, 2021 (% of population in each group)
Top 10 Luxury Brands Worldwide, Ranked by Brand Value, 2019-2022 (billions)Channels Used by US Adults to Purchase Personal Luxury Goods, June 2022 (% of respondents)
US Fashion Digital Resale Marketplace Sales, 2021-2025 (billions, % change, and % of US retail ecommerce apparel and accessories)Level of Interest in Channels/Tools From Personal Luxury Brands and Retailers According to US Adults, June 2022 (% of respondents)
Most Popular Social Media Platforms Driving Luxury Purchases According to US Luxury Shoppers, by Generation, Oct 2021 (% of respondents in each group)Most Important Factor for US Adults When Deciding to Purchase Luxury Goods Digitally Instead of In-Store, June 2022 (% of respondents)
Luxury Buyers in China Who Purchased Items Digitally vs. Offline, by Age, Oct 2021 (% of respondents in each group)Channels Through Which Luxury Buyers in China Made Purchases, by Age, Oct 2021 (% of total luxury spending in each group)
Factors That Have the Greatest Influence on the Decision to Purchase a Luxury Product According to US Adults, June 2022 (% of respondents)Types of Exclusive Benefits Luxury Buyers in China Desire the Most, by Age, Oct 2021 (% of respondents in each group)
Potential US Adult Metaverse Users Who Expressed Interest in Select Metaverse Functions, Feb 2022 (% of respondents)How Digital Shoppers Worldwide Have Engaged With VR, June 2022 (% of respondents)

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authors

Sky Canaves

Contributors

Bianca Carasus
Researcher
Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Iwona Drapala
Senior Forecasting Analyst
Andrew Lipsman
Principal Analyst, Retail & Ecommerce