The luxury fashion industry is expected to transform in the near future, and brands may need to get creative with their strategies to reach customers. The US luxury market segment is expected to see slower growth in the next few years compared to previous years. According to Statista’s Consumer Market Outlook, the US luxury market segment experienced a 6.3% growth from 2018 to 2019, and is now expected to grow at 3.4% CAGR (compound annual growth rate) from 2021 to 2025—this is inclusive of luxury fashion, shoes, leather goods, watches, jewelry, and beauty.1
Keeping this forecast in mind, it’s an important time for brands to understand evolving customer needs. Based on findings sourced from a custom US luxury consumer survey conducted in April 2022 by Vogue Business with Amazon Ads, we’ve laid out three surprising discoveries about luxury shoppers to help brands develop strategies to drive growth during this slower period.