“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 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.”
Retailers who are wanting to lure luxury shoppers should arm their sales associates with mobile devices, according to new research. High-end shoppers are savvy, particular and use mobile devices to do their homework before making a purchase. The majority of luxury customers are more willing to interact with a sales associate equipped with a mobile device, as there is a lack of trust between luxury customers and sales associates over product knowledge.
Affluent households are expecting to spend approximately $2,175 on holiday gifts in 2013, down slightly from 2012. However, affluent households spent in 2012 almost 7% more than they had anticipated in the 2012 survey, supporting the premise that people often tend to spend more for gifts than they had planned.
High-end lipstick and gourmet coffee might not top everyone’s list of “needs,” but for some, these small luxuries are simply untouchable, according to new research from STORES Magazine. The survey found that items and services such as on-demand video streaming and upgraded mobile devices have in recent years maintained staying power, despite heightened economic uncertainty. On the other hand, as consumers increasingly look for ways to cut back, they are more inclined to give up high-end jewelry, maid services, and magazine subscriptions.
Mobile is a huge area of opportunity of any retailer, but particularly for a luxury brand. More luxury brand shoppers (36%) are using mobile than non-luxury brand shoppers (25%) to research products, compare products or prices, purchase product, or use a company’s mobile app, according to a new survey of more than 3,500 luxury shoppers. Although more likely to use mobile channels when shopping, Luxury shoppers are slightly less satisfied with e-commerce overall.
After several years of penny-pinching, consumers are once again indicating their intentions to purchase a luxury item or two. But only certain demographic groups are making these purchases. Marketers who promote the products most in demand to the consumers who are willing to buy have the most to gain.
Consumers at all income levels have been splurging on indulgences while paring down on many basic household expenses, according to industry data for the last year. Analysts suggest these changes could signal a permanent change in consumer buying patterns. Indeed, the changes and challenges represented in this new kind of consumer will continue to keep retailers on their toes and, perhaps, force them to rethink how they approach their business.
Millennials with incomes over $100,000 will define the next wave of luxury spenders, according to new findings from the Mendelsohn Affluent Survey and the Mendelsohn Affluent Barometer. Given their age and income levels, these emerging millennials are the next group to target as they will likely achieve significant wealth over the next decade and have the greatest chance of hitting the $200,000 mark.