Millennials are helping to boost the luxury market worldwide, spending more than older consumers on high-end goods. UBS Group AG’s survey of 18-35-year-olds in the U.S., China, and Europe found they made up 85% of the luxury industry’s growth last year, and by 2025, they’re projected to make up 45% of the total market. According to the same survey and social media analysis, Gucci and Louis Vuitton are Millennials’ favorite luxury brands. (Ypulse data shows that logos are back: 43% of 13-36-year-olds said they like to wear branded apparel.) (Bloomberg)
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