“The younger generations continue to spend as if nothing happened.”
From a BusinessWeek story proclaiming that “Conspicuous Consumption Is Back.” Or perhaps, for many younger head-in-the-sand consumers, it never really went away:
“The younger generations continue to spend as if nothing happened,” says Ed Jay, senior vice-president at American Express Business Insights, which says 36 percent of luxury spending is now done by shoppers who were not buying high-end brands before the recession. About a third of these new shoppers are from Generation X, and 10 percent are from Generation Y. These prosperous young consumers have embraced luxury shopping through increasingly popular discount fashion websites, Jay says.
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Luxury Purchases Are Up, and It’s Not Just the Rich Doing the Buying