"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 consumers
In a new survey among affluent luxury consumers, some 78% of affluent consumers have at least one social networking profile (usually on Facebook). From the marketers' point of view, social networking sites seem the logical place to close sales. However, expecting to generate sales with a Facebook page is a misunderstanding of how affluents actually use social media, according to Pam Danziger, president of Unity Marketing and author of the new trend report on the luxury market. "Social media is most valuable to luxury marketers as a way to listen to their customers, not about finding another channel through which to sell to them," as most affluent consumers use social media "as one more tool to gather information to make purchase decisions."