Luxury Shopping Statistics (23 Fun Facts, Trends + Statistics)
Are you interested in learning about luxury shopping and would like to know some luxury shopping stats and facts?
If so, keep reading below as I’ve been researching this topic and want to tell you some of the best information I’ve found!
Luxury Shopping Statistics 2022
- 30% of luxury sales will be online by 2025
- A luxury goods company in the top 100 has annual revenue of about $2.8 billion
- Luxury goods revenue falls 32% in 2019-2020
- In 2020, 23% of luxury sales will take place online
- Luxury resale to reach $68.5 billion by 2026
- Millennials buy 33% of luxury goods
- Online luxury stores are most frequented by women aged 25-34
- By 2025, China will be the largest consumer of luxury goods
- Social media is important for boosting e-commerce luxury sales
- Need very good customer service when buying luxury goods
Do you want to learn more luxury shopping stats or have other questions to answer? Well, read on to learn more about this fascinating subject!
1. By 2025, 30% of luxury sales will be online
Online luxury shopping is expected to grow to 30% by 2025, indicating that the e-commerce luxury market will see significant growth in the coming years.
2. The top 100 luxury goods companies will earn about $2.8 billion annually
Each of the world’s top 100 luxury goods companies will receive approximately $2.8 billion in revenue!
3. Luxury goods revenue fell 32% in 2019-2020
In an interesting luxury shopping statistic, luxury revenue fell by 32% from 2019 to 2020, showing just how much habits have changed in 2020.
In addition, luxury revenue only reached $224.8 billion in 2020, but it is slowly recovering.
4. 23% of luxury purchases in 2020 were made online
Although the luxury e-commerce market is expected to rise in the future, it is a fact that in 2020, only 23% of luxury goods will be purchased online.
5. Luxury resale to reach $68.5 billion by 2026
Old is new, as evidenced by the fact that luxury resale is expected to reach $68.5 billion by 2026!
6. Millennials buy 33% of luxury goods
Millennials make up about 33% of all luxury purchases, a somewhat shocking figure considering that millennials are not considered to be the group with the most disposable income.
7. Women aged 25 to 34 visit online luxury stores most often
Did you know that women are the most frequent visitor to online luxury stores? Specifically, women between the ages of 25 and 34 are visiting these sites.
8. By 2025, China will be the largest consumer of luxury goods
An interesting trend in luxury shopping is that by 2025, China will be the largest consumer of luxury goods.
9. Social media is important for boosting e-commerce sales
Leveraging social media is crucial if you want to boost your e-commerce sales as a luxury brand.
For example, it can convert visitors to your social media pages into consumers and get people to buy products found in your online store.
10. All luxury purchases require very good customer service
People who buy luxury goods expect great customer service from you, which makes sense considering people spend thousands of dollars on your products.
11. The 100 largest luxury goods companies have a combined turnover of $247 billion
When you look at the 100 largest luxury goods companies in the world, they have a combined turnover of over $247 billion.
12. Luxe, Hermes, Kerig and L’Oreal are some of the top luxury brands
Some of the biggest names in the luxury space include Luxe, Hermès, L’Oreal and Kerig, all French brands that have become one of the most recognizable luxury brands in the world.
13. Luxury brands are divided into 5 categories
The luxury brand market has five categories, which include:
- Fashion Brands: Fashion brands including Gucci are timeless
- Mass brands: Apple is an example because it’s something the masses flock to
- Boutique Brands: Handmade clothing is a boutique brand with its uniqueness and artistry
- Prestige brand: Aston Martin is a prestige brand because it is known for its quality
- High-end brands: High-end brands are seen as status symbols, including brands such as Rolex
14. Millennials and Gen Z will account for 70% of the luxury market by 2025
Millennials and Gen Z will dominate the luxury market, accounting for around 70% of the luxury market by 2025.
Therefore, luxury brands should seek to cater to and reach out to both groups to gain their business.
15. Millennials and Gen Z will account for 130% of luxury market growth
Gen Z and millennials will account for 130% of the luxury market’s growth, even as many luxury brands ignore these young, affluent customers.
16. Burberry is worth $3.9 billion in 2021
Burberry is a popular luxury brand, and in 2021, Burberry will be worth more than $3.9 billion, an incredible number and one that most people can’t even imagine!
17. The average price people paid for the last luxury item was $2,500
The last time people bought a luxury item was an average of $2,500, which is not much considering the prices of many luxury items on the market.
18. 5% of Brits buy luxury goods to keep in touch with family or friends
In the UK, only 5% of people buy luxury goods to keep in touch with family or friends.
In addition, the most important factor in buying a luxury item is quality, with over 75% of Brits citing this as their top reason for buying a luxury item.
Also, they don’t care that the product or brand has any celebrity endorsements, which is good news and shows that people can think for themselves instead of following celebrities.
19. The U.S. is the leader in luxury spending
Americans are the largest consumer of luxury goods, spending more than $64.8 billion in 2020. In addition, China ranked second with $51.8 billion in purchases in 2020.
In addition, the United States accounted for approximately 28% of the global luxury goods market in 2020, followed by China with 20% and Japan with only 8% in 2020.
20. Cars are rated the highest value among luxury goods
When you look at the most valuable luxury goods, cars topped the list in 2020 with a total value of over $592.3 billion.
Additionally, the second-highest valued item is personal luxury goods, valued at $255.5 billion, and luxury hospitals ranked third with an estimated 2020 value of $100 billion.
That said, the luxury car market is expected to continue to be at the top of the list and is expected to grow to over $655 billion in value by 2027, with electric vehicles leading the way!
21. Second-hand luxury goods will be worth more than $77 billion by 2025
By 2025, the value of second-hand luxury goods will reach 77 billion US dollars, and the growth rate will be higher than that of the general luxury goods market.
For example, second-hand luxury goods will grow 11 times faster than the retail apparel market, which is crazy to think about!
22. 36% of luxury purchases are for accessories
A very interesting fact about luxury shopping is that 36% of luxury shopping is in the accessories category.
For example, luxury accessories include wallets, sunglasses, watches and jewelry.
In addition, clothing came in second, with hard luxury and beauty accounting for 21% or 22% of the luxury shopping market, respectively.
23. 62% of millennials who occasionally buy luxury goods for themselves are men
An interesting luxury shopping statistic is that 62% of all millennials who occasionally buy luxury as a treat are men!
So while millennials are an important age group, luxury brands should try to cater to men as they are the biggest shoppers in this age group.
Which country spends the most on luxury goods?
The U.S. spends the most on luxury goods, with purchases totaling $64.8 billion in 2020!
However, it is not surprising that China is expected to overtake the US in this category by 2025, and is likely to be a continuing trend in the years to come.
Who buys the most luxury goods?
You might be surprised to learn that Chinese millennials are the most responsible for luxury purchases, accounting for about 30% of all purchases.
In contrast, only about 23 percent of U.S. millennials of the same age buy luxury goods.
Is the luxury market growing?
The luxury market is growing, with the global luxury market expected to be worth $382.6 billion by 2025, up from $309.6 billion in 2021.
How many people buy luxury goods?
In 2018, approximately 45% of high-income earners were buyers of luxury goods, including luxury or high-end shoes.
What age group buys Louis Vuitton?
Louis Vuitton is one of the most popular luxury brands, with 33% of people buying the brand in the 21-37 age group.
Who are the luxury customers?
Luxury customers want companies to wake up and care about political issues, social issues and the environment.
Additionally, they feel powerful by buying rare and exclusive premium products, and by spending a lot of money to acquire these items.
in conclusion
When it comes to luxury shopping, the U.S. leads the list with more than $64.8 billion in luxury spending in 2020, but China is expected to overtake the U.S. in 2025.
Additionally, 36% of luxury purchases are in the accessories category, including watches, sunglasses, jewelry and wallets.
Most importantly, did you know that by 2025, millennials and Gen Z will account for 70% of the luxury market and represent 130% of the luxury market growth?
