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Millennials upturn luxury business globally

After being accustomed to middle-aged buyers for long, sellers of luxury goods are turning their attention to younger buyers. The surge of millennial buyers in the age group 20 to 34 is transforming the traditional demography at shopping malls. Their increasing incomes and family financial support allow the young to shift from fast fashion to posh clothing and accessories.

By 2025, millennials and the Generation Z (people born after 1996) are expected to consume 45 per cent of luxury fashion sold globally. Millennials account for a big proportion of purchases of high-end brands. Traditional outlets have undergone a makeover to make them millennial-friendly. They are incorporating a café look. The selfie generation has a check-in area specifically meant for taking photos. Stores have their own signature color, with red being a symbol of fortune and light blue and pastel pink representing youth.

All these are meant to help young buyers feel more comfortable. Since young people are their main customers, luxury brands employ young people in managerial positions. Watches are a favorite item, especially for online shoppers. Instead of thin leather straps in classic yellow and brown tones, they come with pastel straps and large faces with imprints of paintings.

 
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