The most popular categories for US luxury buyers are footwear, handbags and leather goods, and cosmetics and beauty products.
The beauty category, in particular, has seemed well-insulated (see: the “lipstick effect,” when consumers continue buying little luxuries even in tough economic times because it’s inexpensive and justifiable), with companies like Ulta Beauty and Coty reporting strong sales growth over the past few months.
Meanwhile, LVMH Moet Hennessy Louis Vuitton attributed its third-quarter growth to its fashion and leather goods business.
3. Shoppers go digital