The luxury market in the USA has returned, as the U.S. market is once again spending at the pace on as prior to the world's economic plunge in 2008.
For the first time in years, both Louis Vuiton and PPR both experienced higher rates of growth in the U.S. than in China, the Daily Mall reports. Prada, Hermes, Burberry, and Hugo Boss are focusing on opening and expanding stores in the U.S. Advertising budgets also are increasing in America for the first time since 2008.
While emerging markets such as Brazil, Russia, India, and China have been the darlings of the industry the past four to five years, the U.S. is bouncing back strongly.
In July, Alexander McQueen will open a 3,900-foot store on New York's Madison Avenue. Next year, Burberry plans to launch a new flagship on Rodeo Drive in Beverly Hills.
LVMH and PPR, soon to be renamed Kering, are also expanding in the United States while putting the brakes on China, which had been the major driver for luxury sales until last year.