Luxury purchases, known in the industry as 'aspirational' buys, could take more of a back seat to necessity shopping as financially challenged generations age and deal with a new economy.
The luxury market and the high-profile brands captured within it face a new generation of shoppers. These buyers are exiting a years-long pandemic and face red hot inflation with an unclear end. They are expected to continue to curb spending on"aspirational" purchases, favoring frugality.
The industry saw a rebound last year, reaching $309 billion, Bain reported. But, as industry leaders look at the longer outlook, that could all have been a fluke. The luxury sector is worried about these financially stretched Gen Z consumers, and how they will sell those"aspirational" products to them, Reuters reported.
Internationally, government data over the summer signaled a concerning outlook, with the unemployment rate among Chinese city dwellers aged 16-24 at an astonishing record 19.9%. And if global sales for luxury brands are affected, that could most certainly mean domestic worries for all international labels.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EXCLUSIVE: SF luxury apartment executive calls contractor theft in vacant unit 'unfortunate'Property management officials say they have increased security and video surveillance in response to the theft and recent questionable incidents.
Read more »
Missouri pastor says congregation is 'poor, broke, busted' for not buying him a luxury Movado watchA Kansas City, Missouri, pastor who said his congregation was 'poor, broke busted and disgusted' for not buying him the luxury watch he wanted has issued an apology after his remarks caused a stir on social media.
Read more »
Why Luxury Watches Are So ExpensiveBrands like Greubel Forsey preserve the art of hand-making, putting in countless hours to ensure perfect craftsmanship.
Read more »
2023 Cadillac Cars: New Colors for CT4-V and CT5-V, Plus a Luxury EVThe CT4, CT5, and their Blackwing variants get a handful of updates, but Cadillac’s focus is on the stunning Celestiq all-electric ultra-luxury sportback.
Read more »
The Best Luxury Sex ToysThe 20 Best Luxury Sex Toys of 2022
Read more »
Fontainebleau Plans New Wave of Luxury Retailers in Las VegasLocated at the north end of the Las Vegas strip, the podium-shaped property aims to allow for the retail space to be fully integrated into the resort ecosystem.
Read more »