The Millennials: The Broke twenty somethings spending on luxury born between 1980 – 2000 makes up the 3% of the spenders in the luxury market. They have out-paced baby boomers (of 14%), increasing their luxury spend of 33% in 2011.
So where are the millennials getting all this money to fritter away on Chanel and Ipads? From their parents most likely, or by skimping on things like meals and long term saving plans, so they may never be able to retire but at at least they’ll own lots of nice things that they can tweet about and post pictures on Facebook.
I’m not going to lie, I am part of the 1980-2000 crew who likes to fritter away on a bit of luxury, and I must admit…it feels good. But I am nowhere near the shopoholic like the many millennials i know, here in London.
This lifestyle provides a strong visual representation “that either I’ve made it or I want to tell you I’ve made it.”
Red Velvet x
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