The Asian Premium Brand and Luxury Consumer - US - November 2016
The market for luxury goods in the US has been estimated at a value of about $35.3 billion, accounting for about 22% of the luxury goods market in 2015. Japan is in the second position at an estimated $30.5 billion and a 19% share, followed by Germany and China at $11.7 billion and a 7% share. As Asian luxury sales increase and the US Asian population enjoys a higher median household income, has an affinity for luxury, and is more likely than the US population, overall, to have purchased luxury goods in the last 18 months, they are a critical audience for luxury brands. Not only do they have the means and desire to buy luxury, but their luxury brand affinities may influence the overall US luxury market and they may be influenced by trends from their countries of heritage.
This report examines the following issues:
Asian consumers still need convincing Income, education levels vary by country of origin