How Can Luxury Brands Prepare For Affluent Millenials? [Headlines]
As the fastest growing consumer segment in the market, retailers need to learn how to appeal to this group.
Echo Boomers. Generation Y. Millennials. No matter what you call them, shoppers between 18 to 29 years old are the fastest-growing luxury consumer segment. In 2011, they spent 31% more on luxury purchases than they did the year before, and they did it at full price. Compare that to Baby Boomers, who only saw a paltry 28% growth in spending, and purchased the bulk of their luxury goods on discounted flash-sale sites. Mashable