From Gen Y To Seniors, Luxury Fashion Spend Rises

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Article: MediaPost Publications From Gen Y To Seniors, Luxury Fashion Spend Rises 09/16/2011.

I wish I could get my hands on this report. Seems like it would be a great read for those of us who will serve these customers in the future. It would be a great way to get an inside track on what business leaders are dealing with. As an MBA who is graduating in May 2012 (keep that in mind if you are looking for a great leader – i.e, ME), it will be my job to tap into the rich analytics developed by firms like AMEX and Mckinsey to create the new business models that help businesses innovate.I believe businesses need people who have a good understanding of creative destruction and how it can be applied to the luxury and retail business today. The article above mentioned something very interesting about senior shoppers and online retail portals:

“Older shoppers like bargain hunting online, with seniors (those 66 and older) spending 124% more on discount and flash-sale sites than in the same period of the prior year, and Baby Boomers (between 46 and 66) upping their spending 25%”

In contrast

“Younger shoppers were keener on premium luxury fashions. While Gen X also grew more enthusiastic about discount fashion, increasing spending in this category by 60% in the first half of 2011, Gen X spending on full-price luxury fashion purchases soared 142%. Among Gen Y, spending on full-price items increased 100%.”

I’d love to hear back from you on what you think about the insights from the AMEX research.

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