If you're a young man and you live in a big city, congratulations: You, sir, are the future of luxury spending.
According to a recent report from HSBC, a yummy (what retail analysts are calling the Young Urban Male, much in the same way they called Young Urban Professionals yuppies) is currently the kind of person who's most likely to spend money on high-end products.
The downward shift in age is driven in large part by the presence of luxury brands on blogs and social media. As companies like Salvatore Ferragamo, Coach, and Louis Vuitton get more visible in the digital space—and therefore spend more time in front of its typically young residents—luxury consumers are going to get younger and younger. The investment firm predicts that by the end of this decade, the majority of luxury spending will come from the (fine leather Hermès) wallets of guys between the ages of 25 and 30. Just last year, The Washington Post reported that the average European luxury consumer was between 50 and 70 years old.
But is it really as simple as "Tweet it and they will buy?" The report found that because men tend to marry later and later in life, the income they would have spent buying baby formula now goes to things like a suede spring coat from Brioni, or maybe an Armani work bag.
Or, it seems, anything from Burberry. The study said that men's purchases at that digitally savvy brand accounted "for more than half of the growth in mainline store revenue" for it's 2012 to 2013 fiscal year, and "retail sales of men's tailoring grew by nearly 70 percent in the same period." But if the winners of the Fashion 2.0 Awards are any indication, Marc Jacobs and ASOS are hot on the Brit's heels.
—Details associate online style editor Justin Fenner.
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