But one finding popped for me: American millennials trailed far behind the other markets in their purchases of high-end fashion or luxury goods. If 26% of millennials who are interested in luxury goods haven’t purchased any recently, which was reported by the Bain Luxury Study, it certainly doesn’t bode well for the future of luxury brands in the U.S., the world’s largest luxury market. This calls on luxury brands to downplay the negative connotations associated with luxury and play up the positive attributes of luxury in a brand new style and through brand new mediums. E-Commerce is essentialMany luxury brands were surprised by the rapid rise of the digital age. However, if luxury brands keep doing what they’ve always done, putting status before substance, they will miss the mark.

Source: Forbes September 11, 2017 12:56 UTC