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Technavio’s research analyst predicts the personal luxury goods market in the US to grow at a CAGR of 5% during the forecast period. The growth in the US market is driven by the tourist spending in the country and the substantial disposable income of US citizens.
The adoption of the omni-channel distribution by vendors is expected to fuel the market growth during the forecast period. Consumers prefer to study the trends in online communities and buy from a store that guarantees the authentic buying experience and quality. This trend is likely to drive more footfall in-store, higher conversion rates and improve brand loyalty.
The accessories segment dominated the market during 2014 and is expected to attain a market value of USD 34 billion by the end of 2019. The growing consumer affluence, new product launches and changing fashion trends are driving the market growth in the US.
The retail channel dominated the market during 2014 with a market share of 88% and is predicted to attain a market value of USD 85 billion by the end of 2019.
The providers in the personal luxury goods market in the US compete on the basis of their global presence, staff expertise, production quality, and designing and marketing. The report predicts the key vendors in the US market to witness a reduction in their market shares due to increasing competition from other Europeans and American brands.
The leading vendors in the market are -
Other prominent vendors in the market include Burberry, Breitling, Chanel, Coach, Giorgio Armani, Kate Spade, Kering, Nina Ricci, Prada, Richemont, Swatch, Tiffany, and Valentino.
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