After seeing a strong negative impact from the COVID-19 pandemic in 2020, luxury goods delivered strong growth and full recovery to the pre-pandemic (2019) level of sales in 2021, driven by the successful rollout of vaccines across the US, the removal of COVID-19-related face mask requirements and domestic travel restrictions, as well as the subsequent reopening of stores. The resurgence in luxury goods was also associated with the increase in US consumers’ disposable incomes, favourable attitudes towards luxury goods, and the new “live for the moment” mindset, which represents enjoying life without planning or worrying about the future.
Even though sales in luxury hotels have not returned to the 2019 level, due to the lagging recovery of business travel and international travel, luxury leisure travel has delivered a strong bounce-back in the post-pandemic era, fuelled by consumers’ demand to enjoy themselves and the desire for relaxation. Thus, leisure experience-based luxury goods, such as luxury sunglasses and luxury travel goods, are also set to register significant growth in 2022.
Post-pandemic, consumers are reassessing their relationship with the world around them, while many are turning to greener consumption habits, such as resale and slow fashion, and scrutinising companies’ treatment of people and the planet. According to Euromonitor International’s Lifestyles Survey 2022, post-pandemic, there have been more US consumers purchasing second-hand items at least annually.
The COVID-19 outbreak has highlighted the importance of e-commerce; however, the physical store-based environment still dominates luxury goods, especially personal luxury retail. Store-based retailing has been recovering in 2021 and 2022, as some consumers have been returning to stores after enduring long-term lockdowns.
Thanks to the wide removal of COVID-19-related restrictions across the US, consumers’ increased disposable incomes, as well as expanding interest in purchasing luxury items, luxury goods in the US delivered sharp growth and full recovery to the 2019 level of sales in 2021. However, driven by multiple reasons, growth in sales of luxury goods eased in the first half of 2022, and this trend is set to continue during the remainder of 2022.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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