American consumers' interest in luxury goods is rising! Young people are the main consumers

With the rapid development of e-commerce, the entire retail industry has been restructured. While shoppers retain their original consumption habits, they have also formed some new consumption tendencies. The latest report from retail startup Future Commerce shows that consumers' interest in buying luxury goods is growing.

Future Commerce surveyed more than 1,000 American consumers, and 60% of the respondents said that buying luxury goods can greatly satisfy their psychological security and bring them happiness. Especially during the epidemic, after many "experiential" consumption was restricted, consumers rushed to buy usable tangible goods.

These consumers buy luxury goods not just for consumption, but also as an investment. 53% of consumers said that they invested in non-traditional securities this year, with luxury goods being one of the most popular categories. After experiencing the underestimation brought about by the epidemic, people began to pursue more valuable product experiences, and luxury goods will make a comeback in future business.

Phillip Jackson , founder of Future Commerce , said: "The focus of luxury goods in the future is the online market. Compared with other categories of products, luxury goods have a smaller market share in e-commerce, and the current e-commerce system is approaching maturity, which provides a good opportunity for the online development of luxury goods."

With the growing trend of luxury consumption, the second-hand luxury goods industry has gradually been accepted by consumers as transactions become more market-oriented and transparent, and the concept of sustainable consumption is more common among young consumer groups . Therefore, second-hand luxury goods are deeply loved by young people, especially millennials and Generation Z, who will become the main consumers of luxury goods.

Among all age groups, young consumers are the most enthusiastic about luxury consumption, and they are often active online. They are more enthusiastic about "hard luxury goods" such as high-end watches and jewelry , because these luxury goods have both investment value and use value, often killing two birds with one stone.

Industry experts pointed out that since the online channels for luxury goods have been fully established in 2020 and the categories of luxury goods supplied online have become increasingly abundant, the e-commerce process of luxury goods will accelerate in 2021.

USA

Luxury

Millennials