April 12, 2024
NSB’s Private Bank Report Details Spending Trends on Luxury Goods
LAS VEGAS – The Private Bank by Nevada State Bank released the latest edition of the High Net Worth Report series today. Issue 1 of 2024 provides a summary of spending trends on luxury goods and experiences in the United States and around the world. While pace slowed in 2023, rising optimism among luxury consumers suggests spending could expand further in 2024.
Highlights from the issue include:
- Global spending on luxury goods and services hit an all-time high of $1.6 trillion in
2023, an annual increase of 12.0 percent. - Moët Hennessy Louis Vuitton (LVMH), the largest luxury brand in the world, reported a record $93.2 billion in revenue in 2023, which amounted to an annual increase of 11.9 percent.
- Rolex continued to lead the luxury watch segment with global revenue growing 11.0 percent on the year to $11.5 billion.
- The large luxury segments that grew the most in 2023 were hospitality, cars, and food and fine dining, which increased by 14 percent, 12 percent, and 10 percent, respectively.
- Luxury consumers have grown more optimistic about the U.S. economy, with 57 percent planning to increase spending on luxury goods in the coming months.
“Luxury spending has been robust, even exceeding pre-pandemic levels,” said James Rensvold, Executive Vice President and Director of Private Banking. “Rising optimism, especially among luxury consumers, should bode well for the Resort Corridor and the terrific luxury Las Vegas has to offer.”
The Private Bank’s High Net Worth Report is available on Nevada State Bank’s website at www.nsbank.com/HNWreport or by contacting The Private Bank directly at 702.855.4596.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank is a full-service bank offering a complete range of consumer, private, and business banking services, as well as wealth management services, with a robust statewide branch network. Nevada State Bank’s colleagues regularly volunteer in their communities and have been dedicated to helping make Nevada a better place to live for the last 64 years. Zions Bancorporation, N.A. is included in the S&P 400 Mid-Cap and NASDAQ Financial 100 indices (NASDAQ: ZION).
For more information on Nevada State Bank, visit www.nsbank.com.
A division of Zions Bancorporation, N.A. Member FDIC