
New Research Reveals 70% of U.S. Consumers Purchase Luxury Goods Annually, Favoring In-Store Shopping
A recent study from LoopMe, a leading technology firm utilizing artificial intelligence (AI) to enhance brand advertising performance, indicates that 70% of U.S. consumers make at least one luxury goods or apparel purchase each year, with one-third of those spending over $1,000.
Among these affluent shoppers, 57% prefer the in-store experience for their luxury purchases. Despite the growing presence of major online retailers like Amazon in the luxury sector, 30% of consumers still opt to buy directly from the retailer’s store, while 27% choose department stores or secondary retailers.
When making luxury purchases, key factors include price (50%) and quality (47%), which are crucial across all budget ranges. LoopMe’s research also highlights the importance of timing in luxury buying decisions:
- 54% purchase luxury items for special occasions or as a reward for personal achievements
- 30% take advantage of sales
- 16% buy luxury items regularly as part of their lifestyle
- 13% shop for the holiday season
- 11% purchase when discovering new collections
“In recent years, social media trends have encouraged users to ‘treat yourself’ or invest in ‘little luxuries.’ For many U.S. consumers, buying luxury goods has become an integral part of their annual shopping habits,” said Lisa Coffey, CRO of LoopMe. “With price and quality being significant factors influencing these purchases, brands should maintain an ‘always-on’ marketing presence to continually attract and engage new customers.”
LoopMe surveyed 5,377 U.S. consumers in August 2024 to understand their behaviors and preferences regarding luxury goods and apparel. Note that percentages may not total 100% due to the option for respondents to select multiple answers.
About LoopMe
LoopMe is a technology company dedicated to enhancing brand advertising performance through artificial intelligence (AI). As the pioneer in applying AI to brand advertising, LoopMe has created its Intelligent Marketplace, addressing long-standing industry challenges. With consumer insights and AI at its core, LoopMe consistently improves brand advertising, surpassing industry benchmarks for top global brands. Founded in 2012 and headquartered in the UK, LoopMe has offices around the world, including in New York, Boston, Atlanta, Chicago, Detroit, San Francisco, Los Angeles, Toronto, Singapore, Sydney, Tokyo, Dnipro, Krakow, and Hong Kong. For more information, visit www.loopme.com.