Have you been interested in learning about luxury shopping and want to know some luxury shopping statistics and facts?
If so, keep reading below, as I have been researching this topic and wanted to tell you some of the best information I’ve discovered!
Luxury Shopping Statistics In 2023
- 30% of all luxury sales will be placed online by 2025
- A luxury company in the top 100 will earn about $2.8 billion a year
- Luxury goods revenue decreased by 32% from 2019 to 2020
- 23% of all luxury goods sales took place online in 2020
- The resale of luxury goods will reach $68.5 billion by 2026
- 33% of all luxury goods are purchased by Millennials
- Online luxury stores are visited most often by women aged 25 to 34
- By 2025, China will be the biggest luxury goods spender
- Social media is important for boosting eCommerce luxury sales
- Exceptionally good customer service is expected for luxury purchases
Do you want to know more luxury shopping statistics or have other questions you want to be answered? Well, continue reading to learn more about this fascinating topic!
1. 30% Of Luxury Sales Will Be Placed Online By 2025
Online luxury shopping is expected to grow to 30% by 2025, which shows a significant growth in the eCommerce luxury market in the next few years.
2. The Top 100 Luxury Companies Will Each Earn About $2.8 Billion A Year
Each company within the top 100 luxury companies in the world will earn about $2.8 billion!
3. From 2019 To 2020, Luxury Goods Revenue Decreased By 32%
In one interesting luxury shopping statistic, from 2019 to 2020, luxury goods revenue decreased by 32%, showing how much people changed their habits during 2020.
Furthermore, the revenue from luxury goods in 2020 only reached $224.8 billion but is slowly rebounding.
4. 23% Of Luxury Good Purchases Were Online In 2020
While the e-commerce market of luxury goods is expected to rise in the future, one fact is that in 2020, only 23% of luxury goods were purchased online.
5. By 2026, Luxury Good Resales Will Reach $68.5 Billion
Everything old is new again, and you can see this trend by the fact that the resale of luxury goods is expected to reach $68.5 billion by 2026!
6. 33% Of Luxury Goods Are Purchased By Millennials
Millennials account for about 33% of all luxury goods purchases, which is a somewhat shocking number considering millennials aren’t thought of as the group with the most disposable income.
7. Online Luxury Stores Are Visited Most Often By Women Aged 25 To 34
Did you know that women are the demographic most often visiting online luxury stores? Specifically, women between the ages of 25 to 34 are visiting these websites.
8. By 2025, China Will Be The Biggest Luxury Goods Spender
An interesting trend in luxury shopping is that China will be the biggest spender on luxury goods by 2025.
9. Social Media Is Important To Boost e-commerce Sales
If you want to boost your e-commerce sales as a luxury brand, utilizing social media is critical.
For example, it can turn a visitor to your social media page into a consumer and get people to purchase products found in your online store.
10. Exceptionally Good Customer Service Is Expected For All Luxury Purchases
People who purchase luxury products want you to provide exceptionally good customer service, which makes sense considering people are spending thousands of dollars on your products.
11. $247 Billion In Turnover Combined Of Top 100 Biggest Luxury Companies
When you look at the top 100 biggest luxury companies in the world, they have a turnover combined of more than $247 billion.
12. Luxe, Hermes, Kerig, & L’Oreal Are Some Of The Top Luxury Brands
Some of the biggest brands in luxury include Luxe, Hermes, L’Oreal, and Kerig, which are French brands and have become some of the most well-known luxury brands in the world.
13. Luxury Brands Breakdown Into 5 Categories
There are five categories within the luxury brand market which include the following:
- Fashion brands: Fashion brands include Gucci and are timeless
- Masstige brands: Apple is an example of this since it’s something the masses flock to
- Boutique brands: Handmade clothing is a boutique brand, and its unique and artistic
- Prestige brands: Aston Martin is a prestige brand since it’s known for quality
- Premium brands: Premium brands are seen as a status symbol and include brands like Rolex
14. By 2025, Millennials & Generation Z Will Account For 70% Of The Luxury Market
Millennials and Generation Z will run the luxury market, accounting for about 70% of the luxury market by 2025.
Therefore, luxury brands should be looking to cater and reach out to these two groups to get their business.
15. Millennials & Generation Z Will Account For A 130% Growth In Luxury Market
Generation Z and Millennials are going to account for a 130% growth in the luxury market, although a lot of luxury brands overlook these younger affluent customers.
16. Burberry Had A Value Of $3.9 Billion In 2021
Burberry is a popular luxury brand, and in 2021, Burberry’s value was more than $3.9 billion, which is incredible and a number that most people cannot even imagine!
17. The Last Luxury Purchase People Made Averaged A Price Tag Of $2,500
The average price tag of the last luxury purchase that people made equaled $2,500, which isn’t that much considering the price tag of many luxury items available in the market.
18. 5% Of People In The UK Made A Luxury Purchase To Keep Up With Family Or Friends
Only 5% of people purchased a luxury item to keep up with family or friends in the UK.
Furthermore, the most significant factor in purchasing a luxury item was the quality, with more than 75% of people in the UK citing this as the top reason for a luxury purchase.
Additionally, they didn’t care about any celebrity endorsements that the product or brand had, which is great news and shows people can think for themselves and not follow celebrities.
19. America Is The Leader In Luxury Spending
Americans are the big spender on luxury goods, spending over $64.8 billion in 2020. In addition, China was in second place with $51.8 billion in purchases in 2020.
Further, America accounts for about 28% of the 2020 global luxury market, with China close behind, accounting for 20%, and Japan only accounting for 8% in 2020.
20. Cars Are Rated The Highest Value In Luxury Items
When you look at luxury goods with the highest value, cars topped the list with a total value of more than $592.3 billion in 2020.
Additionally, the second-highest value item was personal luxury coming in at $255.5 billion, and the luxury hospitals took third place with $100 billion in estimated value in 2020.
That said, the luxury car market is expected to continue to top the list and is estimated to grow to a value of more than $655 billion by 2027, with electric cars leading the way!
21. Second-Hand Luxury Will Top $77 Billion In Value By 2025
Second-hand luxury items will reach a value of $77 billion by 2025, and it will have a higher growth rate than the general luxury market.
For example, second-hand luxury items will grow 11 times quicker than the retail clothing market, which is crazy to think about!
22. 36% Of Luxury Shopping Is For Accessories
A really interesting fact about luxury shopping is that 36% of all luxury shopping purchases have been in the accessories category.
For example, luxury accessories include purses, sunglasses, watches, and jewelry.
In addition, apparel comes in second place, with hard luxury and beauty items all accounting for 21% or 22% of the luxury shopping market.
23. 62% Of Millennials That Occasionally Purchase Luxury Items For Themselves Are Men
One interesting luxury shopping statistic is that out of all Millennials, 62% of them who occasionally purchase a luxury item as a treat are men!
Therefore, while Millennials are a vital age group, luxury brands should try to cater to the males since they are the biggest shoppers in this age group to treat themselves.
Which Country Spends The Most On Luxury Goods?
The United States is spending the most on luxury goods, and in 2020, the purchases totaled $64.8 billion!
However, it’s expected that China will overtake America by 2025 in this category, which shouldn’t be a surprise and likely will be an ongoing trend over the next several years.
Who Buys The Most Luxury Clothing?
You might be surprised to learn that the Chinese Millennials are most responsible for purchasing luxury goods, accounting for about 30% of all purchases.
In contrast, only about 23% of American Millennials of the same age group purchase luxury goods.
Is The Luxury Market Growing?
The luxury market is growing, and it’s expected that by 2025, the global luxury market will reach a value of $382.6 billion, which is up from the $309.6 billion value in 2021.
What Percentage Of People Buy Luxury Items?
In 2018, about 45% of people with a high income were purchasers of luxury items, including luxury shoes or premium shoes.
What Age Group Buys Louis Vuitton?
Louis Vuitton is one of the most popular luxury brands, and 33% of people that purchase this brand fall within the 21 to 37-year-old age bracket.
Who Are Luxury Customers?
Luxury customers want companies to be woke and care about political issues, social issues, and the environment.
Furthermore, they feel powerful by purchasing quality products that are both rare and exclusive, and also feel powerful by spending a lot of money to obtain these items.
When it comes to luxury shopping, America tops the ranks with more than $64.8 billion spent on luxury goods in 2020, but China is expected to overtake America by 2025.
Additionally, 36% of all luxury shopping fits into the accessories category, including watches, sunglasses, jewelry, and purses.
On top of that, did you know that by 2025, Millennials and Generation Z will account for 70% of the luxury market and represent 130% growth within the luxury market?