Gen Y Speeds Up Luxury Goods Spending

22 Feb

    Click the image for the story

According to eMarketer: “As Generation Y grows up and gains more buying power, the 18- to 34-year-old age group is increasingly purchasing luxury goods. According to a survey by American Express Business Insights, Gen Y consumers upped spending on premium, full-priced luxury goods by 31% in 2011 over the prior year. Generation X followed Gen Y in terms of spending growth — climbing 23% from 2010. Joining the workforce and earning higher wages has surely contributed to Gen Y’s purchasing appetite. Yet it can also be assumed, based on the American Express data, that online discount luxury Web sites — or flash sales—stimulated young consumers’ desire for luxury fashion products. In other words, Gen Y’s early adoption of flash sale E-commerce shopping has paved the way for full-price luxury purchasing.”

 

Leave a Reply

%d bloggers like this: