The Potential Of The Luxury Market In The US Should Not Be Underestimated.

Introduction: Although current

In the US, 39% of households have a net worth of 30 million dollars, 29% of households have a net worth of more than 1 million dollars, but only 19% of the world's personal luxury goods.

In terms of luxury experience consumption, the United States accounts for only 24% of the world's total, but high-end car consumption accounts for 37%.

Overall, luxury consumption in the United States accounts for only 2.8% of GDP, lower than 3% in Europe and 3.2% in Italy.

Boston Consulting Group's Jean-Marc Bellaiche said: "the normal share of the United States in the global luxury market should be 30%-35%. In the United States, those who do not live in big cities like New York and San Francisco tend to buy high-end cars and rarely purchase personal luxuries.

Although the United States also has many luxury brands, most of the luxury goods market has been occupied by Europe, and Americans do not have a high sense of admiration for Italy and France.

According to the data of Boston Consulting Group, the global luxury market is worth 145 billion US dollars.

"Luxury brands should focus on consumption experience, such as Spa enjoyment or high-end kitchen utensils," Bellaiche said.