The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BASEL, Switzerland — Millennials feel better about their future earnings than older consumers and spend more on luxury goods.
That’s according to a survey of more than 3,000 consumers across China, Europe and the US by UBS Group AG. Eighteen to 35 year olds have contributed 85 percent to growth in the luxury market last year and will represent 45 percent of total high-end spending by 2025, according to the report published Friday.
Gucci and Louis Vuitton are millennials' favourite brands, according to the survey and social-media data analysed by UBS. While the intent to buy online is higher in the age group than among older consumers, physical stores continue to feature highly among preferred places to shop.
Chinese millennials, a major driving force behind sales growth, allocate about 20 percent of discretionary income to purchasing luxury goods, a similar share as older generations. Younger people in Italy and the US have higher spending budgets than their elders, according to the report.
By Xiaoqing Pi; editors: Paul Gordon, Jana Randow and Zoe Schneeweiss.
The deal is expected to help tip the company into profit for the first time and has got some speculating whether Beckham may one day eclipse her husband in money-making potential.
The designer has always been an arch perfectionist, a quality that has been central to his success but which clashes with the demands on creative directors today, writes Imran Amed.
This week, Prada and Miu Miu reported strong sales as LVMH slowed and Kering retreated sharply. In fashion’s so-called “quiet luxury” moment, consumers may care less about whether products have logos and more about what those logos stand for.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.