The luxury goods industry is worth $5.3 billion, but it turns out that despite the cost-of-living crisis, young people are driving demand, with a third of luxury items purchased by Australians under the age of 30.
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On today’s The Briefing, we speak with IBISWorld report author Kayla Wheeler and fashion lecturer Alison Izzo about the new obsession with quiet luxury among young people.
Wheeler says the product segments that have grown the most are timeless luxury jewellery and watches, becoming safe commodities during the pandemic.
A lot of luxury brands are now creating new categories that are more affordable ranges that can be a bit more creative and target those younger consumers,”Wheeler said.
She says the cost-of-living pressure and inflation has little impact on its target market which are high-income groups and tourists.
There is a movement towards really expensive, high-status luxury items, which you can’t tell by looking at it necessarily, unless you know. So, this kind of trend comes to the force thanks to Succession,”Izzo said.
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