The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
BASEL, Switzerland — Millennials feel better about their future earnings than older consumers and spend more on luxury goods.
That’s according to a survey of more than 3,000 consumers across China, Europe and the US by UBS Group AG. 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 report published Friday.
Gucci and Louis Vuitton are millennials' favourite brands, according to the survey and social-media data analysed by UBS. While the intent to buy online is higher in the age group than among older consumers, physical stores continue to feature highly among preferred places to shop.
Chinese millennials, a major driving force behind sales growth, allocate about 20 percent of discretionary income to purchasing luxury goods, a similar share as older generations. Younger people in Italy and the US have higher spending budgets than their elders, according to the report.
By Xiaoqing Pi; editors: Paul Gordon, Jana Randow and Zoe Schneeweiss.
The Swiss watch sector’s slide appears to be more pronounced than the wider luxury slowdown, but industry insiders and analysts urge perspective.
The LVMH-linked firm is betting its $545 million stake in the Italian shoemaker will yield the double-digit returns private equity typically seeks.
The Coach owner’s results will provide another opportunity to stick up for its acquisition of rival Capri. And the Met Gala will do its best to ignore the TikTok ban and labour strife at Conde Nast.
The former CFDA president sat down with BoF founder and editor-in-chief Imran Amed to discuss his remarkable life and career and how big business has changed the fashion industry.