United States Luxury Goods Market to Grow with a CAGR of 5.51% through 2030

The United States Luxury Goods Market is driven by increasing disposable incomes, a growing number of high-net-worth individuals, and rising demand for personalized and exclusive products. 

According to TechSci Research report, “United States Luxury Goods Market – By Region, Competition, Forecast & Opportunities, 2030F”, the United States Luxury Goods Market stood at USD 66.44 Billion in 2024 and is anticipated to grow USD 91.64 Billion by 2030 with a CAGR 5.51% during forecast period. The United States luxury goods market is one of the most dynamic and influential segments in the global economy, with its strong consumer base and innovative brands driving significant trends. The market includes a wide range of high-end products, such as designer clothing, accessories, jewelry, watches, beauty products, and luxury automobiles. Over the years, this sector has seen consistent growth, fueled by rising disposable incomes, a flourishing affluent consumer base, and the increasing demand for exclusive and personalized products. Luxury goods are often associated with status, quality, and craftsmanship, making them highly desirable among high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), who represent a significant portion of the U.S. consumer market. The U.S. remains a key hub for luxury brands, attracting both local and international players, with major cities like New York, Los Angeles, and Miami acting as critical centers for luxury retail.

One of the key drivers of the U.S. luxury goods market is the growing number of affluent consumers, particularly the rising population of HNWIs and UHNWIs. These individuals have seen a significant increase in wealth over the past few decades, thanks to factors like the booming tech industry, real estate, and stock market performance. As these consumers accumulate greater disposable income, their appetite for luxury products increases, and they are increasingly willing to spend on premium goods that reflect their social status and personal taste. In addition, the younger generations, such as millennials and Gen Z, are playing an important role in shaping the luxury market. While traditionally luxury goods were associated with older demographics, younger consumers are now contributing significantly to the sector, seeking out more sustainable, personalized, and digitally accessible luxury experiences

The United States luxury goods market continues to thrive, driven by increasing affluence, a growing digital presence, and changing consumer expectations. As younger, more socially-conscious consumers emerge, luxury brands must adapt to trends such as sustainability, personalization, and online shopping. While economic challenges and counterfeit threats persist, the continued innovation in luxury goods and the growing demand for exclusive, high-quality products ensure that the market remains strong and poised for further expansion. The U.S. will undoubtedly continue to play a central role in shaping the future of luxury retail, serving as a beacon for trends that ripple across the global market.

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The United States Luxury Goods Market is segmented into product, distribution channel, and company.

Based on the product, Watches and Jewelry segment was the dominating category in the luxury goods market. This sector benefits from its long-established association with status, tradition, and exclusivity. Watches, especially high-end timepieces, and fine jewelry continue to attract affluent consumers who view these items as both investments and symbols of wealth. The global demand for luxury watches and fine jewelry remains strong, with iconic brands like Rolex, Cartier, and Patek Philippe maintaining their dominant positions in the market. This segment is also experiencing growth due to increasing interest in collectible pieces and a rising trend in luxury investments, particularly as these items retain or appreciate in value over time.

Based on the region, West region was emerging as the fastest-growing area in the U.S. luxury goods market, driven by economic expansion and a rising number of affluent consumers in states like California, Nevada, and Washington. With thriving tech industries, entertainment hubs like Hollywood, and a booming real estate market, the West has seen a surge in high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). Cities like Los Angeles, San Francisco, and Las Vegas have become key centers for luxury retail, attracting both global and local luxury brands. The region's growth is also fueled by increasing demand for sustainable and personalized luxury products.

Major companies operating in United States Luxury Goods Market are:

• LVMH Group
• Chanel LTD
• Burberry Group PLC
• Prada S.p.A
• Kering SA
• Coty Inc.
• Estée Lauder Companies Inc.
• Shiseido Company, Limited
• L'Oréal S.A.
• Hermès International S.A.

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“The U.S. luxury goods market is driven by rising disposable incomes, a growing number of high-net-worth individuals, and increasing demand for personalized and exclusive products. E-commerce expansion and digital marketing further fuel market growth. Key trends include the shift toward sustainable and ethically sourced luxury products, the rising popularity of second-hand luxury goods, and the growing influence of social media on consumer preferences. Younger generations, especially millennials and Gen Z, are shaping the market with their focus on digital experiences and customization.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“United States Luxury Goods Market, By Product (Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others), By Distribution Channel (Online, Offline), By Region, Competition, Forecast & Opportunities, 2020-2030F”, has evaluated the future growth potential of United States Luxury Goods Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the United States Luxury Goods Market.

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