May 13, 2021

Millennials Drive Up Luxury Accessory Sell-Outs

Millennials hate commitment — to a degree.
Edited, a retail analysis organization reviewed Millennial consumer behavior within the luxury sector. The research uncovered that despite the falling of overall full-price sell-outs in the segment, accessories, particularly bags benefited a rise in sales.
“With its low prices and swiftly developing trends, fast fashion has facilitated this demographic’s endless switching-up of garments. But that’s not to say the Millennial shopper isn’t attuned to the finer things in life, which is where luxury accessories play a key role,” said Katie Smith, senior retail analyst at Edited.
The research reviewed data collected from 30 U.S. luxury women’s wear retailers that included over 5,000 brands in the first half of 2016 compared to the first half of this year. On the upside, the study found that luxury retail discounts decreased five percent year-over-year, suggesting that retailers are turning to updated alternatives for improved revenue gains.
According to the analysis, the top-performing brands in this year, in descending order, were Louis Vuitton, Gucci, Saint Laurent, Valentino and Dolce & Gabbana. The handbag category posted the highest boost. The research found that full-price sell-outs of the item were up 22 percent with an average price of $1,465.07.
Gucci was the big winner

Follow WWD on Twitter or become a fan on Facebook.

Read More…