default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Millennials Love Gucci and Louis Vuitton

Eighteen to 35 year olds contributed 85 percent of luxury growth last year, finds a new report by UBS.
Source: Gucci
By
  • Bloomberg

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.

In This Article

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.