We spend our money on food, clothes and travel. It’s a fact. Sure, the clothing component may have gone down a tad bit as we try and save for holidays and staycations with friends, but when it comes to buying luxury brands, we tend to prefer two in particular. UBS Group AG conducted a survey recently – published on Business of Fashion – and revealed that over 3,000 millennial consumers across China, Europe and the US love two brands. Any guesses?
Hint, you are likely to spot them if you step onto the street right now, or look around your office/university. Spotted it? That brown leather monogram bag, or the big GG clasp? That’s right!
Louis Vuitton and Gucci were reported millennials’ favourite brands. The 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 social-media data, physical stores continue to feature highly, compared to online shopping.
The report also states that Chinese millennials are a major driving force behind sales growth, allocating about 20 percent of disposable income to luxury goods. Meanwhile, in the US and Italy, younger people tend to have a higher spending budget compared to their elders.
So, how many items do you own from Gucci and Louis Vuitton?