The United States is back in fashion — at least, as far as luxury is concerned. Brands across the board are focusing on the US, upping their flagship boutique sizes and specs, and venturing further into the country after years of prioritizing slim slices of the coasts.
North America led luxury store openings in 2025, accounting for 27% globally, according to Savills. “Every brand I talk to is reinvesting in the US,” says HSBC US head of retail and apparel Eric Fisch.
There are multiple levers behind the recent uptick in US investment and focus. It’s largely driven by the yet-to-bounce-back Chinese market, Fisch flags. “There was this view that China was shut for Covid, and then it was going to just explode. Here we are six years later and there hasn’t been any explosion.” The rise of local Chinese challenger brands has also hindered luxury’s comeback, he adds. In the US, however, employment rates remain solid and the stock market is up, driving confidence — and spend — among high-net-worth shoppers.
