Long-term luxury for retail: millennials are buying less and buying better.
The switch to luxury has been driven by the growing middle-class as well as a preference for sustainability. Consumer appetite has also been driven by the emergence of new luxury experiences, athleisure, streetwear and prestige skincare, highlighting the change in consumer habits and the growing spending power of urban, millennial, women – driven by a global rise in female educational levels and workforce participation.
The luxury sector has vast potential, and more retailers are positioning themselves to take advantage of the opportunities that the luxury market presents. http://ow.ly/Nfi250y7bqI