Are Millennials Spending More On Fashion Compared To The Earlier Generation?

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“Entitled”, “Narcissistic” and “Lazy” are just some common sentiments the older generation seems to have about the demographic cohort after Generation X, also known as millennials, or Generation Y. Despite the disparaging opinions, the new generation reportedly represents approximately US$2.45 trillion in spending power, according to a study by Dartmouth.

Luxury brands know this well, jumping on the millennial bandwagon with various plans in place to target the new generation. Fendi’s new microsite was revealed earlier this year in special dedication to the millennials, while Snapchat-inspired makeup on the runway arguably stole the show at the 2016 New York Fashion Week.

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Fashion retail has in turn progressed away from traditional perspectives, where industry norms are now exemplified by diversity and gender fluidity. For the Louis Vuitton Spring Summer 16 campaign, Jaden Smith was revealed as the maison’s new face for the womenswear collection, donning a skirt.

A recent study by Digital Luxury Group on WeChat monitored 25 luxury labels including Bottega Veneta, Gucci, and Valentino, and found that the brands are able to utilize the app’s open API and active digital presence to their advantage. Aside from further driving consumerism, WeChat was able to attract more than the usual clientele, extending their reach towards official brands.

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According to marketing expert Pam Danziger’s “Five Luxe Trends for 2015”, millennials could possibly become the largest spending generation of all time by 2035, with the generation’s influence apparent as early as 2020. With increasingly convenient avenues to shop without ever physically reaching a store, such as apps and websites, online shopping has redefined the way we shop, adding a significant percentage to the shopping habits of today.

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