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Younger US consumers redefining luxury fashion buying: NPD

20
Apr '19
Younger US consumers redefining luxury fashion buying: NPD
Millennial and Gen Z (people born between the mid-1990s and the early 2000s) consumers are redefining and embracing luxury fashion and the average luxury consumer in these generations owns nine luxury fashion items across accessories, apparel and footwear, according to ‘A Millennial Approach to Luxury’, a recent report from The NPD Group and Stylitics.

This younger luxury consumer favours the convenience and extensive browsing ability afforded to them by online shopping, but also appreciates the luxury in-store experience, according to a press release from the US market research company.

“The younger luxury consumer demands the quality and cache expected from luxury items, but they also expect the shopping variety that allows them to find something unique,” said Marshal Cohen, chief industry advisor, The NPD Group.

Millennial and Gen Z luxury consumers identify highly coveted or prestigious brands, product quality, distinctiveness, and timeless style as their top personal criteria when making a luxury purchase decision. The endless brand, product and shopping options available to today’s luxury shopper make it easier for them to get the item and overall experience they are seeking.

They favor pure-play websites and department stores with multiple brand offerings. Options mean research and planning–nearly three quarters of respondents said their favourite luxury purchase was planned in advance and they knew where they wanted to purchase it.

More than half of Millennial and Gen Z luxury consumers prefer to shop mostly or only online, but more than a third prefers in-store luxury shopping. In-store browsing influenced more shoppers in their latest luxury purchase than any other factor, including needs around a personal event or occasion. (DS)

Fibre2Fashion News Desk – India


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