According to a survey by Key Stat: Emarketer and Bizrate Insights, 72.6% of US luxury buyers surveyed in August 2024 planned to spend the same amount or more on personal luxury items over the next year.
Beyond the chart:
Adult Zers and younger millennials were more likely to buy luxury products than average. Footwear, apparel and fragrance were the largest purchasing categories among shoppers aged 18-34. Department stores were number one place in luxury shopping, beating all e-commerce and brand-owned channels. However, the majority of 18-34 people (57.4%) are interested in social commerce for luxury shopping, a study found.
Please use this chart. Marketers and retailers can use this chart to show and argue the willingness of luxury consumers to recommend and advocate for higher-priced goods and services amidst economic uncertainties.
Related emarketer reports:
Note: In this study, luxury goods are defined as products with a higher level of quality, craftsmanship, exclusiveness, and/or rarity, compared to most products in a particular product category. Personal luxury items include apparel and accessories, footwear, eyewear, cosmetics, beauty products, watches and jewelry that meet the definition of luxury goods
Methodology: Data comes from the August 2024 “The Emarketer Luxury Survey” conducted by Bizrate Insights. 967 adults aged 18 and over were surveyed online between July 29th and August 22nd, 2024. Respondents were identified as female (52.8%) and male (47.2%), ages 18-34 (26.0%), 35-54 (27.4%), 55-64 (24.6%), and 65 (22.0%). The data has an error of +/- 3 percentage points with a 95% confidence interval. Respondents were members of Bizrate Rewards, Bizrate consumer panel. The Bizrate Consumer Panel, run by BizrateInsights, is made up of over 2 million panelists who provide feedback based on experience and opinions. The Bizrate Rewards panel consists of a broad demographic profile representing sampling of all ages, education levels, gender and income. When they joined the panel, each panelist said they had shopped online. In exchange for providing feedback, panelists have the opportunity to earn points and can be exchanged for electronic gift cards. This research, provided by Bizrate Insights on behalf of Emarketer, provides a monthly consumer pulse of digital shopping behaviors and intentions.
