Millennials Are Embracing Luxury Fashion

According to a new study by The NPD Group and Stylitics, the average Millennial and Gen Z consumer owns nine luxury fashion items across accessories, apparel and footwear.
License Global

April 16, 2019

NPD Logo

According to a

new study

by

The NPD Group

and

Stylitics

, the average Millennial and Gen Z consumer owns nine luxury fashion items across accessories, apparel and footwear.

Millennial and Gen Z consumers identify prestigious brands, product quality, distinctiveness and timeless style as the most significant purchasing factors when buying luxury items, the report found. Study respondents said that while they appreciate luxury brands, they also do their research before making any decisions. The study found that nearly three-quarters of the younger demographic planned out their favorite luxury purchase in advance and knew where they wanted to purchase it.

“The multi-platform shopping experience has become as important in the luxury market as it is for retail in general,” says Marshal Cohen, chief industry advisor, The NPD Group. “The luxury shopping experience is no longer an ultra-exclusive one; it’s now about experiencing the options and brands through mobile apps and inviting in-store environments.”

“The multi-platform shopping experience has become as important in the luxury market as it is for retail in general,” says Marshal Cohen, chief industry advisor, The NPD Group. “The luxury shopping experience is no longer an ultra-exclusive one; it’s now about experiencing the options and brands through mobile apps and inviting in-store environments.”

Read more about:

Subscribe and receive the latest news from the industry.

Join 62,000+ members. Yes, it’s completely free.

You May Also Like

Loading..

Report

Loading..

This site uses cookies to provide you with the best user experience possible. By using License Global, you accept our use of cookies.