蘑菇AV

Luxury brands are grappling with downturns in the US and China, the largest markets for personal luxury goods, and will have to seize opportunities for growth from new markets and product innovation.

Department stores are the most popular destination for personal luxury goods purchases, with 44.5% of US adults shopping in-person and 33.2% shopping on department store websites or apps, according to 鈥淭he 蘑菇AV Luxury Survey鈥� conducted by Bizrate Insights in August 2024.

The divide between top-tier brands and the rest of the luxury industry is widening: Companies like Brunello Cucinelli are outpacing the market as wealthy shoppers spend freely.

Thailand finds itself in the luxury spotlight as China鈥檚 luster fades: The country鈥檚 booming luxury travel market and growing number of ultra-wealthy shoppers is heightening the appeal.

Luxury ecommerce gets a boost from wealthy shoppers: Our Industry KPIs data shows that spending from top-tier consumers offset softening aspirational demand.

Worldwide sales of personal luxury goods will only grow by 3.2% in 2024 to reach $429.15 billion, weighed down by slower growth in the US and China, according to an August 2024 蘑菇AV forecast.

LVMH beat analysts鈥� middling expectations in Q4: But the company鈥檚 1% growth suggests the luxury sector may take some time to bounce back.

Burberry鈥檚 holiday resurgence is an encouraging sign for luxury brands: The company鈥檚 focus on core products won over US shoppers, although a full recovery is a long way off.

The explosive rise of dupe videos鈥攚here shoppers hunt for budget versions of luxury items鈥攊s reshaping how retailers compete for customers. With rising financial pressures, shoppers are increasingly turning to store brands and lower-priced alternatives that mimic higher-end products. This shift is not just a matter of necessity but has also evolved into a culture where consumers proudly share their budget-friendly finds.

Worldwide luxury sales will eke out 3.2% growth in 2024. Except for the pandemic year of 2020, when sales fell by 19.3%, this is the smallest gain we鈥檝e seen since we started tracking the metric in 2018.

Mytheresa knows what luxury shoppers want: The luxury ecommerce retailer grew sales by 7.6%, bucking the global luxury slowdown.

Lord & Taylor鈥檚 new owner has grand ambitions: The storied department store will relaunch as a luxury off-price etailer and license its brand name for a wide range of merchandise.

Global personal luxury sales will contract this year: That will be the first decline since the Great Recession as weak spending in China weighs on the broader market.

Macy鈥檚 had a mixed Q3: Sales at its luxury Bloomingdale鈥檚 and Bluemercury labels rose, but its namesake brand is struggling to attract shoppers

Ralph Lauren and Tapestry sidestep luxury slowdown: The two companies beat expectations thanks to brand elevation efforts that resulted in higher AUR.

Burberry returns to its roots: To turn its fortunes around, the struggling luxury company will undo its brand elevation strategy and focus on outerwear and scarves.

Uniqlo, Ikea join luxury companies鈥� real estate spending spree: The two retailers snapped up prime space on Fifth Avenue to lock in their spots in a busy retail corridor.