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Majority of U.S. Consumers Prioritize In-Store Experience for Luxury Purchases, Survey Shows November 05, 2024 (0 comments)

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New York, NY--In 2024, luxury retail remains strong among U.S. consumers. A recent survey by tech firm LoopMe indicates that 70% of American shoppers make at least one luxury purchase each year, a third of whom spend over $1,000.

[Image via istockphoto.com]

According to the survey, in-store shopping remains a key preference, with 57% of respondents favoring the in-person experience for buying luxury goods despite online giants like Amazon expanding their luxury offerings.

Factors like price and quality were reported as central to purchasing decisions, with 50% of consumers prioritizing price and 47% emphasizing quality.

Lisa Coffey, LoopMe's Chief Revenue Officer, noted in a news release that social media movements encouraging consumers to "treat yourself" have resonated, establishing luxury shopping as an annual habit for many.

Occasions and personal rewards were common motivators, with 54% of consumers buying luxury items for special events or achievements. Sales and promotions also play a role, influencing 30% of respondents. Meanwhile, others make these purchases regularly as part of their lifestyle (16%), during the holiday season (13%), or to explore new collections (11%).

The survey, conducted in August 2024 with 5,377 U.S. participants, highlighted evolving consumer preferences in the luxury sector and suggested that brands maintain an "always-on" approach to engaging these high-end buyers year-round.

Learn more about the survey in this news release.

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