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.
Key topics
covered in this report:
United
States Luxury Goods Market
United
States Luxury Goods Market Analysis
United
States Luxury Goods Market Forecast
United
States Luxury Goods Market Opportunities
United
States Luxury Goods Market Competition
United States
Luxury Goods Market Segmentation
US Luxury
Goods Market Major Players
US Luxury
Watches Market Revenue
US Online
Luxury Goods Market Revenue
US Luxury Handbags Market Revenue
US Precious
jewellery Market Revenue
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on the link below:
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Research
Ankur Gupta,
Head Marketing & Communications
0124-4230204
