Americas Luxury Retail Market Size, Trends, Regional and Category Performance, Brands and Forecast to 2027
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Americas Luxury Retail Market Report Overview
Americas’ luxury retail market size was $145.2 billion in 2022. The market is expected to grow at a CAGR of more than 5% during 2022-2027. Sales in the region will be boosted by strong growths in Brazil, Chile, and Peru during the forecast period. Additionally, brands expand their reach in the region with new stores, e-commerce initiatives, and innovative strategies. The developing luxury market in Latin America will also drive sales in the region.
Millennials and Gen Z are increasingly driving demand for luxury goods in the region, with newly created wealth from entrepreneurial skills on social media. Since they are willing to boycott brands that do not align well with their personal ideologies, retailers have become more diverse, sustainable, and inclusive to appeal to younger, socially conscious consumers.
Americas Luxury Retail Market Outlook 2022 – 2027 ($ Billion)
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The Americas Luxury Retail market research report provides an overview of luxury retailing in the Americas with analysis, market forecasts, brands, and trends in the market. It also includes the factors driving the market, the categories within the luxury retail market in the Americas, major countries in the region where the market is prevalent, and the latest developments that are taking place in the luxury retail market.
Market Size (2022) | $145.2 billion |
CAGR (2022-2027) | >5% |
Historical Period | 2017-2022 |
Forecast Period | 2023-2027 |
Key Categories | · Clothing
· Jewelry & Watches · Personal Care · Drinks · Accessories · Home Furniture and Homewares · Footwear · Luggage |
Key Countries | · The US
· Argentina · Brazil · Canada · Chile · Colombia |
Leading Luxury Brands | · LVMH
· Chanel · Kering · Richemont · Swatch Group · Hermès · Capri Holding · Burberry · Giorgio Armani |
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Americas Luxury Retail Market Drivers
- A generational shift in consumer preferences will be the primary driver of the luxury retail growth in the coming years. Although the luxury goods has been conventionally led by older consumers, however, the luxury market is largely driven by Gen Z, because they create wealth from unconventional career choices through social media. Moreover, the Gen Z influencer lifestyle has become aspirational for more young consumers, prompting luxury brands to target Gen Z with initiatives such as pop-up stores at concerts and Universities to drive sales.
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Americas Luxury Retail Market Trends
The trends prevalent in the luxury retail market in the Americas include eco-conscious consumerism, pop-up stores, digital strategies, and the luxury resale market.
Pop-Up Stores: Pop-up stores maintain a transient presence with minimum investment in popular retail locations, making them an effective way for luxury retailers to introduce new collections and products to the public. Additionally, they help retailers in developing plans and assess customer interest in their products.
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Americas Luxury Retail Market Segmentation by Categories
Clothing had the highest value in the Americas luxury retail market in 2022.
A few of the key countries in the America luxury retail market are the US, Argentina, Brazil, Canada, Chile, and Colombia. The US is projected to make strong gains over the forecast period boosted by growth in sales of clothing. The consumers there have largely remained resilient and continued to spend on luxury goods. This is especially pronounced among young consumers, prompting luxury retailers to engage with them as they have shown a tendency to make big-ticket transactions.
Americas Luxury Retail Market Analysis by Categories, 2022 (%)
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Americas Luxury Retail Market Segmentation by Countries
The US was the largest market for luxury retailing in the Americas in 2022.
Some of the key countries in the America luxury retail market are the US, Argentina, Brazil, Canada, Chile, and Colombia. The US is projected to make strong gains over the forecast period boosted by growth in sales of clothing. The consumers there have largely remained resilient and continued to spend on luxury goods. This is especially pronounced among young consumers, prompting luxury retailers to engage with them as they have shown a tendency to make big-ticket transactions.
Americas Luxury Retail Market Analysis by Countries, 2022 (%)
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Americas Luxury Retail Market - Competitive Landscape
LVMH had the highest market revenue in 2022.
The leading luxury brands in the Americas luxury retail market are:
- LVMH
- Chanel
- Kering
- Richemont
- Coach (Tapestry)
- Swatch
- Hermès
- Capri Holdings
- Burberry
- Giorgio Armani
The sales of LVMH were driven by fashion & leather goods. Its growth can be attributed to the synergy growth accrued from the merger with Tiffany and the success of several of its product lines such as fragrances and wines & spirits.
Americas Luxury Retail Market Analysis by Brands, 2022 (%)
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Americas Luxury Retail Market – Latest Developments
- In early 2023, US-based chemical company Dow Inc. announced its collaboration with LVMH Beauty to incorporate the use of circular and bio-based plastics in the packaging of LVMH Beauty products. This was a part of the luxury brand’s Life 360 program, which aims to ensure that all its packaging is free from virgin plastic sourced from fossil fuel.
- In 2023, Ralph Lauren collaborated with the Web3 community Poolsuite to provide customers with exclusive access to events and NFTs at its Miami outlets. Through this partnership, Miami became the first Ralph Lauren store to accept payments in cryptocurrencies.
Segments Covered in the Report
Americas Luxury Retail Market Categories Outlook (Value, $ Billion, 2017-2027)
- Clothing
- Jewelry & Watches
- Personal Care
- Drinks
- Accessories
- Home Furniture and Homewares
- Footwear
- Luggage
Americas Luxury Retail Market Countries Outlook (Value, $ Billion, 2017-2027)
- Argentina
- Brazil
- Canada
- Chile
- Colombia
Key Highlights
- Luxury retailers in America are enhancing shopper experiences by integrating their multiple sales channels to broaden their consumer base and boost sales.
- Millennials and Gen Z are increasingly driving demand for luxury goods in the region, with newly created wealth from entrepreneurial skills on social media.
- Luxury retailers/brands were able to post strong growth in the first half of 2022 given the rising domestic demand for luxury goods in the US, the largest market in the Americas.
Reasons to Buy
- Gain a comprehensive knowledge on Americas luxury retail market and develop a competitive advantage
- Investigate current trends in the Americas luxury retail market to identify the best opportunities to exploit
- Analysis of key luxury retail players operating in the Americas
- Explore novel opportunities that will allow you to align your product offerings and strategies to meet demand by analyzing the key consumer and technology trends influencing the luxury fashion market in the Americas region
Kering
Richemont
Chanel
Coach (Tapestry)
Capri Holdings
Giorgio Armani
Hermès
Swatch
Burberry
Table of Contents
Frequently asked questions
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What was the Americas luxury retail market size in 2022?
The luxury retail market size in the Americas was $145.2 billion in 2022.
-
What is the Americas luxury retail market growth rate?
The luxury retail market in Americas is expected to grow at a CAGR of more than 5% during 2022-2027.
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Which was the leading category in the Americas luxury retail market in 2022?
Clothing had the highest value in the Americas’ luxury retail market in 2022.
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Which was the leading country in the Americas luxury retail market in 2022?
The US had the highest value in the American luxury retail market in 2022.
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Which are the leading luxury brands in the Americas luxury retail market?
Some of the leading brands in the Americas luxury retail market are LVMH, Chanel, Kering, Richemont, Swatch Group, Hermès, Capri Holding, Burberry, and Giorgio Armani.
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