North America Luxury Goods Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Luxury Goods Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America's luxury goods market is projected to grow with CAGR of 7.2% during the forecast period (2020 - 2025).

Key Highlights

• The demand for luxury products is significantly high in the country, owing to the high disposable incomes. Moreover, North America remains to be the most important destination for luxury tourism, thereby making it unique as a key market for luxury retail, in the region.
• The emergence of e-commerce has provided easy access to product-related information and prices, through online sources, at any given point of time. This has further contributed to the overall growth of the North America luxury market.

Key Market TrendsRising Demand for Jewelry

The increase in cross-cultural designs, and rising tourisms are a few of the major factors responsible for gaining popularity in the jewelry market. Demand for jewelry inspired by Italian, European, and Egyptian cultures is expected to drive the market studied over the forecast period. The rise in urbanization has resulted in changing consumer behavior related to accessories, switching from wearing more pieces of jewelry to keeping it minimal and sophisticated while maintaining the styling statement. Such evolving factors have led to substantial demand for single stoned stud earrings, pendants, and rings. Presently, the manufacturers in the North America market are focusing on developing new and innovative designs, to fulfill the changing needs and demands of the consumers, by using advanced technologies, such as computer-aided design (CAD) and rapid prototyping (RP), which play a vital role in incorporating 3D printing in jewelry.​

Rising Tourism is Boosting the Luxury Goods Market

The sustained growth in the North America luxury goods market can be attributed to the continuing rise in the tourism industry. The travelers visiting the country are from well-to-do families and often buy luxury goods from the outlets of various multinational brands. The millennial group comprises the majority of the buyers, as these consumers are enormously under the influence of fashion. North America is an economically strong market, and therefore, the major multinational brands often launch their premium products earlier in this country, as compared to many other countries in the world. Tourists often come across things that North America is famous for, such as perfumes and leather products. For instance, the luxury goods brand, Gucci, has a product portfolio that comprises more than 29 variants of perfumes, in the country. Thus, as the tourism industry continues to grow, the luxury goods market in the country is likely to witness a prosperous future, posing significant opportunities for the players to introduce their products in the local market.

Competitive Landscape

The North America luxury goods market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Giorgio Armani S.p.A., Kering Group, Louis Vuitton North America, Inc., Rolex SA, Hermès, The Estée Lauder Companies, Patek Philippe SA, The Swatch Group, and Richemont, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Giorgio Armani S.p.A.
Kering Group
Louis Vuitton North America, Inc.
Rolex SA
Hermès
The Estée Lauder Companies
Patek Philippe SA
The Swatch Group
Richemont

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