The report titled “Luxury Goods in the United States”, provides a comprehensive analysis of luxury goods market in the US, various luxury goods, leading vendors in luxury goods, trends in luxury goods market in the US, and future of luxury goods market in the United States.
As the disposable income increases, consumers’ wealth increases and they prefer more of the luxury goods. Making a good more expensive can increase its supposed value and will be known as a luxury good such that the extent of sales go up drastically. Many manufactured products get the status of luxury goods because of their design, quality, durability and performance that are way superior to the available products. All the luxury goods are independent of qualities which are considered to be goods at the highest end of the market in terms of quality and price. Almost all the luxury goods manufacturers opt for special luxury packaging to differentiate their products from other competitors.
Various Luxury Goods: Luxury is associated with exclusivity products and prestige pricing of various products. Luxury goods available in the United States are designer apparel and footwear (ready-to-wear), fine wines/champagne and spirits, luxury cars, luxury eyewear, luxury hotels (5-star plus), luxury jewellery, luxury leather goods, luxury portable consumer electronics, luxury timepieces, luxury writing instruments and stationery, super premium beauty and personal care products.
US Luxury Goods Market and Leading Players: The US luxury market has mix of multiple players, both domestic and international players who are highly competitive and diverse. There are large and small producers who possess a wide range of distribution channels in the luxury market. Within a highly competitive luxury goods market, the major players aim to maintain their shares by spreading their product portfolios and covering multiple product categories. The leading companies in the US luxury goods market are LVMH Moet Hennessy Louis Vuitton SA, PVH Corp., Ralph Lauren Corporation, and Tiffany & Co.
Trends in US Luxury Goods Market: The luxury goods market has faced multiple challenges because the retail landscape of the market is rapidly changing with fashion and consumer demands. Majority of luxury goods in the United States are traditionally sold through store-based retailers such as department stores and specialist retailers. It was observed that there is a severe price competition in the luxury goods marker from various other growing channels such as e-retailing and off-priced retailers. The US luxury goods market has witnessed huge revenue generation in the recent years. The jewellery and watches segment is expected to witness huge profits in the US luxury goods market.
Future of US Luxury Goods Market: Millennials in the US are least interested in the luxury goods compared to the previous generations and the leading players are not making any effort to attract the millennials. E-retailing of luxury goods continue to grow at much faster pace than store based luxury goods market. The growth of e-commerce is supported by the increase in e-retailing consumers in the US. The increase in the consumers’ disposable income and improvement in the labour market will support consumer confidence and spending on luxury goods market over the next few years.
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Ankur Gupta, Head Marketing & Communications