“Millennial and Gen Z consumers are embracing luxury fashion. The average luxury consumer in these generations owns nine luxury fashion items across accessories, apparel, and footwear, according to A Millennial Approach to Luxury, a recent report from The NPD Group and Stylitics. But, they have a different style when it comes to the purchase journey. This younger luxury consumer favors the convenience and extensive browsing ability afforded to them by online shopping, but also appreciates the luxury in-store experience.”
Tag: luxury product shoppers
“U.S. online sales of luxury fashion items are showing significant growth coming from each of the key segments (footwear, accessories, and apparel) according to the new U.S. Luxury E-commerce Report from The NPD Group. Much of the nearly 50% increase in dollar sales seen in recent years across these segments is attributed to an increase in buyer spending.”
When it comes to fashion, flashy logos have been out of vogue for a while. But a number of premium retailers say logos are back. Coach Brand President & CEO Josh Schulman told investors on the company’s second-quarter conference call that the company is seeing “a global movement in luxury brands toward a higher penetration of logo product.”
Luxury Daily reports research among the luxury sectors and affluent consumer behavior is leading experts to believe that while 2017 may still remain slow, there is still growth to be had by appealing to millennials. Experiences and focus on digital will make or break brands in 2017.
“A study from Cue Connect looked to get inside the mind of millennial shoppers through a survey of 1,000 individuals within the generation, identifying five top consumer profiles in the process. Luxury retailers are failing to transition the customized, high-service experience that big spenders have become accustomed to from the store to their digital channels.”