“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.”
“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.”
Luxury home sales continued their record-breaking pace in July, as prices hit double digit gains in 19 major markets, according to the Realtor.com 2018 Luxury Home Index. Additionally, the number of sales at or above the $1 million mark rose 13% over last year.
Consumers are ready to splurge on luxury items this year. Here’s what your clients need to know about advertising these products.
Jumpstart Automotive Media, a leading media, insights, and marketing solutions company, today released its February shopper interest data results, showing how much luxury-oriented consumers are now cross-shopping full-size pickup trucks. In February, the full-size pickup truck segment climbed four spots from last year and now represents the third most-shopped segment, the highest it’s ever been according to Jumpstart.
Business leaders are facing an increasingly challenging environment. Yet throughout the past several years, the luxury market has offered businesses and investors safe haven with the affluent consumer segment remaining resilient and aggressive shoppers. However, even the luxury market may be facing a crisis point, as “soaring luxury-goods prices test wealthy’s will to pay.”
Spending on high-end home products by affluent shoppers have made significant gains thus far in the third quarter, according to new research by Unity Marketing. Along with increased spending, the research found an upturn in affluent consumer confidence. Analysts believe the increased spending is a sign of a sustainable recovery that “will give affluents the confidence to spend more freely through the end of the year.”
As Americans recover from the economic slump, their perceptions of automotive brands continue to climb. Mercedes-Benz is the Luxury Automotive Brand of the Year for the third year running, edging out BMW, according to a recent study from Harris Interactive. The study also shows that full line auto brands have made significant gains.
f there’s one thing the recession has taught consumers, it’s to look for a bargain when shopping. Now that the recession is abating, consumers are buying more luxury goods. But the rules of the marketing game have changed.