Gen Y spending is poised to eclipse that of Boomers by 2017 and this generation is about to move into its prime spending years. L2 saw this and decided to delve further. The result is our Gen Y Prestige Brand Ranking, a survey of 450 Gen Y high-earners from 45 countries (83 percent are expected to make more than $100k+/year in the short term). As the most robust study of its kind, this ranking reveals what L2 founder Scott Galloway calls the the closest thing to a crystal ball in measuring the future success of luxury brands. It’s also a grander statement on retail and consumption as a whole.
In addition to the above photo gallery with my favorite charts from the study, you may also enjoy a few of these statistics about Gen Y.
- 65% of females and 61% of males consider themselves “brand conscious.” Only 1% of females and 3% of males do not consider themselves brand conscious.
- Print is not dead. Print continues to be a primary source for information on prestige brands. It is the #1 source for women and #2 for men. Recommendations from family and friends via word of mouth are also crucial, ranking #1 for men and #2 for women.
- One in five Gen Y respondents like a prestige brand on Facebook and one in ten follow a prestige brand on Twitter. Almost half have signed up to receive email from a prestige brand and alomst one in five Gen Y’s consider blogs to be one of their top three sources for information on prestige brands.
Click here to download the report in full.