A recent report showed that more millennials are purchasing non-branded fashion but are still interested in the latest trends without the price tag.
The millennial generation is well known for their passion for fashion but more and more luxury brands are finding out that sales from the millennial generation are decreasing? A recent report from business insider indicated that there is a combination of factors resulting in decreasing sales from this subset of shoppers.
The main reason for the decline is millennials' want to save money whilst maintaining the latest style. Millennials are also faced with higher costs of living and are more interested in spending their money on experiences rather than items.
The cultural change could continue to challenge the top brands in fashion and therefore force them to push sales discounts and potentially cheaper clothing lines?
Many retail experts predict that luxury retailers will be looking to change their approach to targeting the millennial customers' offering cheaper branded apparel whilst maintaining their expensive named brands.
You can read the full article here and find out what millennials prefer to spend their money on https://read.bi/2qFw5Bk
Taylor, K (2018).'Psychologically scarred' millennials are killing countless industries from napkins to Applebee's — here are the businesses they like the least. [online] Business Insider. Available at: http://uk.businessinsider.com/millennials-are-killing-list-2017-8?r=US&IR=T/#casual-dining-chains-like-buffalo-wild-wings-and-applebees-1