Personal luxury goods sales growth reaches nadir in 2024

Key stat: Worldwide sales of personal luxury goods will only grow by 3.2% in 2024 to reach $429.15 billion, weighed down by slower growth in the US and China, according to an August 2024 EMARKETER forecast.

Beyond the chart:

• The US is expected to remain the world’s largest market for personal luxury goods through 2028, with roughly 25% share of the total, per our Luxury ecommerce 2024 report.
• Shoppers between the ages of 18-34 are more than twice as likely to buy luxury goods on social platforms compared with older buyers, per our August 2024 EMARKETER Luxury Survey conducted by BizRate Insights.

Use this chart: Marketers and retailers can use this chart to anticipate consumer trends, benchmark their luxury goods sales, and help with strategizing future ad campaigns.

Related EMARKETER reports:

• Luxury ecommerce 2024 (EMARKETER subscription required)
• US Connected Cars 2024 (EMARKETER subscription required)

Note: Luxury items are products that are priced at a premium and feature a higher level of quality, craftsmanship, customer service, exclusivity, and/or scarcity relative to the majority of goods in a given product category.

Methodology: Estimates are based on the analysis of data from other research firms, historical trends, reported and estimated revenues from major retailers, consumer buying trends, and macro-level economic conditions.