Thanks to the wide removal of COVID-19-related restrictions across the US and consumers’ increased disposable incomes, as well as expanding interest in purchasing luxury goods, personal luxury delivered sharp growth and full recovery to the 2019 level of sales in 2021. However, since international consumers have not fully returned to the US market, and domestic consumers are increasing their spending on second-hand items, growth in personal luxury sales is expected to continue, but be muted in 2022.
The COVID-19 outbreak has highlighted the importance of e-commerce; however, physical store-based environments will still dominate personal luxury retail. Store-based retailing has been recovering in 2021 and 2022, as some consumers have returned to stores after enduring long-term lockdowns.
Since the pandemic outbreak, there has been a proliferation of non-fungible tokens (NFTs) and the metaverse across many industries, and especially personal luxury, as the metaverse can further transform online shopping by creating immersive brand interactions and shopping engagements, that were once limited by COVID-19-related lockdowns and restrictions. For example, Gucci released its first digital sneakers called The Gucci Virtual 25 in partnership with Roblox; activewear brand Champion launched its 2021 spring collection available for NFTs in partnership with artist Tafi; and Estée Lauder entered Decentraland – a virtual platform – with its iconic Advanced Night Repair.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Personal Luxury industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Personal Luxury industry in USA, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of Designer Clothing and Footwear (Ready-to-Wear), Luxury Eyewear, Luxury Jewellery, Luxury Timepieces, Luxury Leather Goods, Luxury Writing Instruments and Stationery, Luxury Portable Consumer Electronics and Super Premium Beauty and Personal Care.See All of Our Definitions
This report originates from Passport, our Personal Luxury research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page