Posted on 10/29/2017 5:42:07 AM PDT by 2ndDivisionVet
Generations Y and Z are rewriting the rules of the luxury market, according to a report released on Wednesday by the consulting firm Bain & Co.
The global luxury market, encompassing goods and luxury experiences, is forecast to grow by 5 percent this year to an estimated 1.2 trillion euros, or $1.4 trillion, according to the study, compiled using market data and interviews with people in the industry.
But while older shoppers traditionally have driven the growth of sales in the luxury sector, this time it was shoppers born after 1980 who made the difference.
Generation Y provided 30 percent of all spending and, together with Generation Z (born between 1995 and 2010), generated 85 percent of the luxury growth in the last 12 months, said Claudia D’Arpizio, a partner at Bain who specializes in the luxury and fashion industries.
“This power shift between generations, away from the baby boomers towards younger shoppers, means the latter are now the growth engine of the market in every region globally,” she said in an interview. “In order to recover following the downturn, brands had to strategically reposition themselves towards this new demographic and their state of mind and distinct product and shopping tastes. But what has proven particularly interesting is how those habits and preferences are now shaping those of other generations, too.”
Key to success with younger consumers have been efforts by brands to develop engaging content for digital platforms like Instagram and Snapchat, so they and their creative directors can connect with fans multiple times a day. Heavy investment also has gone into luxury streetwear, like sneakers, sliders (bedroom slipper-like shoes) and down jackets, with some brands showing double-digit sales growth across those product categories.....
(Excerpt) Read more at watertowndailytimes.com ...
Yes, although I believe Mitt spent most of his time at Bain Capital, rather than the consulting firm.
Mostly tech people. Web developers make $80k fresh out of college. Union and gov people also.
No money for a down payment.
I see young people who I know buying luxury goods when they have heavy debt already. Items like iPhones and bottled water are silly.
I have had the good fortune to be friends with a woman in her fifties who owns about forty rental units and two other businesses. She has an old flip phone and takes her own self-bottled water and drinks everywhere. (She and her husband do all of their own roofing as well.)
The difference between being poor for life and eventually being rich are demonstrated above.
Like 4th generation welfare families double & triple dipping gov’t handouts buying all kinds of junk food, bling, fancy cars, etc.?
It’s almost like the schools and parents have stopped teaching the fable of “The Grasshopper and the Ant”.
It’s almost like the schools and parents have stopped teaching the fable of “The Grasshopper and the Ant”.
From the time I was tall enough to pay over the counter, I’ve had tremendous difficulty spending money. My mother would often comment on it, with a mixture of wonder and concern.
I think the problem was basically an inability to control the flow of common sense, in the presence of tagged merchandise.
My first salaried position was in retail, which exacerbated the problem. I became dulled to merchandise and even more sensitive to the value of a dollar, once I began actually earning dollars.
However, with caring and supportive family, I am finally overcoming this terrible affliction. Last week I bought my first set of glass shower doors. Seen my last plastic shower curtain liner.
Got my eye on a $700 desktop pc this week — better for recording music — but I should probably buy a better piano first, and I’m not quite ready for that.
I have to remember that I’m not a recovering penny pincher, I’m a natural born one.
I will always struggle.
Maybe they aren’t as stupid as they seem.
* They want to elect people like Bernie.
* When they do, their money will be confiscated by the govt.
* So spend all your money now.
Nah. They haven’t thought it through that far.
“This power shift between generations, away from the baby boomers towards younger shoppers, means the latter are now the growth engine of the market in every region globally,”
Except that they have no money.
Same here. For me, it may be that my parents went through the Great Depression, and I learned from them. Even after 21 years at a good-paying job, with pension and 401K, and now in a comfortable retirement, I still buy my jeans at Bi-Mart, buy store brands for nearly everything, and haven’t bought steak in over a year. I could afford better, but I just can’t bring myself to do it.
Isn’t it funny we hear little about Gen X?
They spent their whole lives in shadow of the Boomers.
It’s like they don’t even exist.
It’s funny how many people are considered Baby Boomers. Hillary and President Trump are, and so am I, although I’m only 57 years old.
Sandwiched between two massively large generations, there weren't as many of us.
But we invented all the cool stuff the Millennials are using.
Send a list of names and addresses to the fasctifa assclowns for next Satruday’s “event” so they’ll know where the good stuff is. They may not take it but they’ll sure enough break it.
I just turned 57. My siblings were all born deep in the baby boom. So we are boomers. But as they say in astrology, we are in the cusp...or is it on the cusp.
Their experiences in general were very different than mine in school, in the workplace, and in social settings.
This stuff is not life changing. I just find it interesting.
My wife and I are probably in your generation, the Silent Generation. We have retired comfortably, yet we don’t spurge.
My wife buys her clothes on sale at Costco or a Talbots outlet.
I buy my clothes on sale at the Under Armor outlet or on line when they have sales. My good clothes come from Brook Brothers when they have a sale.
My wife has a 15 year old Lexus that still looks great and doesn’t have computer fits since it doesn’t have them. I have a 6 year old Honda Ridge line. Our phones and tablets are android. I use an Acer Chromebook from Costco with a new one on the way at $70 off.
We planned to be carried out feet first and not live in a so called retirement home. We had a lot of rebuilding to make our home suitable for later years, like a large walk in showers, ramps to get inside and go outside.
We have a large home and with the help of an engineer son, we have dual ac/heating units and live very comfortably in 1/3 of the home. The other part is there for entertainment and gets by with low utility costs until we have company. Many months a year with this system, our PG&E bill is below $100/month.
Our adult children with the exception of being Apple phone/tablet users, might even be more frugal than we are. Their TVs run until they die like their appliances. One got an early inheritance of my OJ Simpson Bronco ten years ago, and he plans to keep it at least 10 more years. Our previous TV lasted over 20 years before it died. We replaced it with a Vizio 42 inch basic smart tv with free delivery to our home on sale.
We cut our Comcast cable in June and are saving over $100 per month and not missing the Comcast pay for liberal bs tv programs even if you don’t watch them.
We shop at Walmart for basics about 2-3 times per week and save a lot of money. We go to Costco once a month to buy their steaks, lamb, chicken, ocean salmon, smoked ocean salmon, household cleaning supplies and name brand clothes for my wife at great prices.
We joined Kaiser for our Health care as local costs continue to spiral up. Kaiser for 5 years has been rated #1 for MediCare patients. My wife is saving 50% on her rxes.
And from Wiki...Millennials (also known as Generation Y) are the demographic cohort following Generation X. There are no precise dates for when this cohort starts or ends; demographers and researchers typically use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years.
Someone born in 1980 would be 37. Someone born in 2010 is only 7 years old....even if born in 1995, they are only 22 years old....this sounds like a bunch of hooey.
That’s cause they’re in the “sandwich years.”
Sandwiched between working, raising kids, and caring for aging parents.
Not a whole lot of time for leisure or hanging out with your buds.
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