Young Spenders Lead Luxury Market

by Deidre Woollard (RSS feed)
Jul 30th 2007 at 6:21PM

Consumer spending overall might be down (just a 1.3 percent growth rate in the second quarter) but that isn't stopping luxury consumers according to an article in the Chicago Tribune. A survey from Unity Marketing reveals that spending among those with an average income of of $155,000 was up nine percent overall (spending an average of $15,283 on luxury goods and services in the second quarter). Specific categories such as home goods, jewelry and entertainment were all up over 50 percent. The most aggressive spenders are, according to Pamela Danziger of Unity Marketing, the younger, uppermost segments of the luxury spenders. Unity Marketing dubs them the "Want-It-All" generation and reports that luxury shoppers under 40 outspent older shoppers by 39 percent. Inspired perhaps by the conspicuous consumption shown by the celebs in the media like the Beckhams shown here, this group is accustomed to getting what they want without waiting.

Tags: affluent, money, spending, survey, trends