Millennials are buying luxury accessories—luxury apparel, not so much. High-end handbag sales have risen 22% alongside higher-than-average hat and scarf sales, while apparel sales have dropped nearly 35%. “The continued rise of fast fashion” (which is becoming hyper-fast) may be to blame, as more Millennials make high-low looks from cheap, trendy apparel alternatives paired with full-price luxury accessories. The “nameless, brandless and generic” trend is also lessening luxury clothing’s appeal, and accessories often provide a more affordable entry point to luxury than a full outfit. (Glossy)
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