A recent EMARKETER survey revealed that 72.6% of luxury buyers in the US plan to spend the same or more on personal luxury goods over the coming year. The survey highlighted a trend among younger millennials, who are more inclined to purchase luxury items, particularly in footwear, apparel, and fragrance categories. Interestingly, department stores emerged as the leading shopping destination for luxury goods, with a substantial interest (57.4%) in social commerce for luxury purchases among consumers aged 18 to 34, indicating evolving shopping preferences in the luxury market.
72.6% of US luxury buyers surveyed indicated a willingness to spend the same or more on luxury goods in the next year, a positive outlook amid economic uncertainty.
Among younger consumers aged 18 to 34, 57.4% showed interest in social commerce for purchasing luxury goods, highlighting a shift in shopping preferences.
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