New research on the European luxury market from UBS shows that U.S. millennials may be less utilitarian than the conventional wisdom might indicate. MarketWatch staffer Sara Sjolin takes a look at this new report and why millennials maybe the future of the luxury market.
Luxury spending in the U.S. is still well behind China. However, millennials are more open to luxury spending and feel more optimistic about their financial outlook than the Chinese millennials:
However, the Chinese millennial generation feels less optimistic about their financial outlook and is less loyal to their favorite brands than the older generation. This means luxury-goods companies may have to work harder to win over youngsters in China and may have an easier path with the American millennials, the UBS report said.