29 Jan '16, 6pm

How #Luxury Shoppers Are Changing the Face of Retail

Discretionary spending among the wealthy is growing faster than for the average US consumer. Discretionary spending among those earning $120,000 a year or more is expected to increase 6.6% in 2016, reaching $406 billion, according to YouGov. Among the top 1%, it's expected to rise 10%. By contrast, discretionary spending for the average US consumer dropped 1% between 2014 and 2015. Wealthy consumers are expected to spend the most next year on fashion, travel, and dining. Among these categories, spending on fashion (specifically, apparel, accessories, and handbags) will grow the most, increasing 6.9% to $37.4 billion (roughly 9% of total discretionary spending). Luxury brands are over-allocating ad spend to print media. The seven largest US luxury brands collectively spent $133 million last year on holiday ad spending, 57% of which was allocated to magazine ads, according t...

Full article: http://uk.businessinsider.com/the-luxury-e-commerce-repor...

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