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Boom in luxury fashion discloses harsh reality about American middle class!

Published Date : 2019-01-31 12:50:02
                                    
Expenditure on Online luxury fashion is on a rise. According to a new report from the NPD Group dollar sales of luxury fashion in the United States have raised by 50% in recent years, with persistent growth in sales of expensive outfits and footwear.

This is being held up by fashionable millennials who are boasting on premium apparel and footwear.

Experts believe there has been a momentous shift in retail as the middle class dies out. Moreover, Luxury fashion is having a moment and the most successful businesses in the sector have become more distinctly split into two sections: luxury and budget stores.

The luxury market is growing, novel and unique brands are getting recognition, and online retailer platforms are uplifting the competitive environment. The younger, multi-ethnic demographic that is more interested in buying designer products online even more than the average online accessories, apparel, footwear, buyer, is a major contributor to this development.

Premier brands such as Gucci are riding high in popularity in recent years. The first half of 2018 saw almost doubled sales and recent survey results reveal that millennial and teen shoppers are not getting over it. The Italian giant brand was ranked the second-hottest brand on a latest survey by Lyst and was the 10th most popular apparel brand.

Professionals' states that there is more significance behind the recent boom in luxury fashion than it seems.

A recent report released by Deloitte with the title "The Great Retail Bifurcation: Why the retail 'apocalypse' is really a renaissance" discussed that changing attitude of consumers' upon finances and social issues are influencing a big shift in retail.

Households vary over the course of economic lines and now people's respective income levels are guiding their behaviors and directing the fruition of retail segments.

More prosperous shoppers have encouraged high-end retail as their income and net worth have risen exponentially, while the lower-earning consumer is facing the case of growing expenses and dramatically less disposable income. Hence, they have moved toward price-conscious stores.

With this kind of situation arising, the middle is vanishing, low and middle-income customers increasingly purchase from discounters and dollar stores, constraining retailers who once served these customers to close shops.

                                
 

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