29 May '15, 7am

Millennials more likely to purchase luxury items: report

Millennials more likely to purchase luxury items: report

Affluent consumer; Michael Kors In the United States, approximately 20 percent of the 239 million adults purchased at least one luxury item in the past year, according to a new report from Shullman Research Center. Men are primarily spending in the automobile industry whereas women spend more on luxury beauty items; the differences vary across generations and household incomes as well. Having a deep understanding of the consumption interests among different demographics will allow brand marketers to tailor campaigns to specific groups. “Those brands that accept mass market business—i.e., many of today’s millennials and the generation Xer’s and baby boomers with luxury tastes— have a much better shot of trading these mass market customers up if and when they become affluent and can afford the higher priced SKUs luxury brands offer,” said Bob Shullman, founder/CEO of the Shu...

Full article: http://www.luxurydaily.com/millennials-more-like-to-purch...

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