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Gen Y's Luxury Buys

Gen Y's Luxury Buys YOUNG PEOPLE CRAVE DESIGNER BRANDS There's a good reason why Generation Y is becoming the focus of many top retailers. While many Baby Boomers prepare for retirement, this group of young Americans is moving into high-paying careers and using their extra income to show their love for all things luxury. A Purchasing Powerhouse Generation Y encompasses those born between Combined, it 1977 - 1994 makes up 25% 25% of the total U.S. population. Age 34 Age 17 Gen Y commands over $200 billion in annual spending power. By 2017, its spending power will eclipse that of the Baby Boomer generation. $200 billion What's Hot For Gen Y Trendsetters? Male and female Gen Yers have vastly different ideas of what iconic brands are "hot," with women leaning toward fashion and lifestyle names and men leaning toward automobiles. Top Ten Brands For Women Top Ten Brands For Men 1. Chanel 2. Ritz-Carlton 3. Four Seasons 1. BMW 2. Ferarri When men think of luxury brands, they think cars. 7 3. Porsche out of 10 top ranked brands by males are automakers. 4. Lamborghini 5. Audi 6. Aston Martin 7. Four Seasons 4. Marc Jacob 5. Cartier 6. BMW 7. Mercedes-Benz 8. W Hotels 8. Mercedes-Benz 9. Prada 9. Ralph Lauren 10. Audi 10. Ritz-Carlton Audi 34% 40% TRUMP Most likely to be the next of men and of women Most disliked luxury luxury purchase for both men and women say they "hate" the Trump brand. brand Brands Are Friends This generation isn't a group of cost-conscious tightwads. In fact, it's becoming one of the most brand-loyal generations yet and the shoppers encompassing it aren't afraid to play favorites. 65% of female Gen Yers consider of male Gen Yers consider 61% themselves brand-conscious. themselves brand-conscious. 60% Furthermore, 60% of girls aged 13-24 say they consider a store a friend. Gen Y's affection for stores and brands is most apparent on the social web: 1 in 2 1 in 5 like a prestigious 1 in 10 follow a prestigious receive email from a prestigious brand brand on Facebook brand on Twitter Saving on Luxury But just because Gen Y is willing to buy expensive products doesn't mean that its shoppers are cost oblivious. In fact, many Gen Yers are trying new strategies to save money on luxury brands. Over half of female 54% 53% Less than 1/3rd > 50% shoppers purchased their products on bought directly from the brand's website. discount sites. Discount/Flash Aggregator Websites sale sites The conclusion: While brands are certainly a priority for Gen Y, paying sticker price for products is not. Milo B Sources: | | 3)

Gen Y's Luxury Buys

shared by knawrz on Mar 25
Generation Y is now one of the primary targets for many top brands and retailers. These young Americans are fashion and style conscious—they love their brands and are willing to spend money on the i...




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