According to a survey of more than 3,000 consumers across China, Europe and the US by UBS Group AG, 18 to 35 year olds contributed 85 percent to growth in the luxury market last year and will represent 45 percent of total high-end spending by 2025.
Gucci and Louis Vuitton are the millennial’s favorite brands. 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.