Teens’ spending and shopping preferences could be hurting luxury brands.

Teens’ spending and shopping preferences could be hurting luxury brands. Tiffany & Co., once a coveted brand among high-schoolers, has experienced a 5% decrease in sales for the past quarter and experts are saying teens’ practical attitudes are driving a shift in the industry. Not wanting to “[stand] out with glitzy items,” young consumers are saving more, or spending money on sensible luxurious purchases, like technology, or experiences. Their practicality has also impacted their attitudes towards labels, and one expert says, “they are fine with receiving knock offs of luxury items.”  (Business Insider)