There’s no denying the spending power of millennials, especially not after reading the results of a new survey conducted across China, Europe and the US by UBS Group AG.
The company surveyed more than 3,000 millennials across the continents and found that Gucci and Louis Vuitton are their favourite brands. Interestingly, the survey also found that physical stores are still preferred over e-commerce platforms to purchase luxury goods although “the intent to buy online is higher in the age group than among older consumers” according to Bloomberg.
Furthermore, the 18-35 year old age bracket contributed 85 per cent to growth in the luxury market in the past year alone and by 2025 will represent 45 per cent of high-end spending overall. The report also determined that millennials are more comfortable spending money on luxury goods than older generations.
And speaking of Louis Vuitton, catch the brand’s S/S ’19 show live from Paris Fashion Week here tonight.