The future of luxury looks “Yummie”
The luxury retail sector has a new and growing consumer base – young urban males, or "Yummies." Researchers from HSBC recently looked into this demographic to learn more about who they are and what they're buying, and ecommerce retailers may want to take note.
According to Bloomberg Businessweek, the report detailed a few reasons for a surge in luxury sales among urban men in their 20s, but the primary factor seemed to be that they are getting married later in life. This means that more of their income is disposable, giving them the opportunity to make more purchases for themselves.
Part of the reason they aim for luxury items is because they have an inherent need to establish their social status. Business Insider indicated that a big part of this is following trends, and much of this is done through social media. Yummies are finding out about the hottest new products from sites like Twitter and Instagram, highlighting the need for retailers to have a strong online marketing presence to attract shoppers.
Retailers that want to capitalize on this market can look into ecommerce software to expand their omnichannel offerings, making them more accessible to this digitally driven group of consumers.