Millennials will drive the growth of luxury spending
04/10/2018
The report, based on a survey of more than 3,000 consumers in China, Europe and the US, also found that Gucci and Louis Vuitton are the favourite brands of this group of consumers. The research also included analysis of social media data.
Chinese millennials were found to allocate around 20% of their discretionary income to purchasing luxury goods, similar to that of older people in the country. In both Italy and the US, millennials have higher luxury spending budgets than their elders, the report concluded.
One of the most interesting snippets to come out of the report is that physical stores continue to feature highly among the preferred places to shop for millennials, although the report also acknowledged that they much more likely to buy online than older consumers.
Share this story:
