A new wave of US millionaires, made wealthy by recent stock market gains and AI company public listings, is changing the luxury goods market. Former SpaceX employee Chip, who has $3.5 million in SpaceX shares, has bought meteorites and a fire truck, and is considering purchasing a TAG Heuer watch.
Luxury Market Shift
The personal luxury goods market, valued at $406 billion in 2025, has contracted over the past two years. However, North America has been a bright spot, with luxury groups like LVMH and Richemont reporting strong sales. Richemont CEO Nicolas Bos attributed the success to high consumer confidence in America.
These new millionaires have unique tastes, with many prioritizing experiences and wellness over traditional luxury items. AI strategist Zack Kass, who owns an undisclosed stake in SpaceX, bought a professional sports team with his winnings. Former SpaceX engineer Robert, whose shares are worth $4 million, recently bought new Apple Watches as he and his wife focus on fitness.
While traditional luxury watches from brands like Rolex and Cartier still have appeal, the market is shifting. The U.S. was the main destination market for Swiss watches in 2025, accounting for 17% of global exports. Apparel brands will need to compete with other industries for their share of the spending, as the newly wealthy spend about one-third less on smart outfits and leather goods.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
