New homes and diamonds are among the many things millennials aren’t investing their money in. There is one thing they definitely are buying, luxury fashion. But millennials aren’t walking into Barney’s to get their fix.
The digital age, alongside the almost omnipresent need to be on trend at all times, has completely changed how millennials are shopping for the latest designer wares they’ve been fixated on since its introduction to their Instagram feed.
Luxury Consignment Stores
Don’t expect to find that vintage Gucci bag just sitting on a shelf collecting dust at your local Goodwill.
These specialty stores have captured what millennials want to put their money towards in terms of designer goods. Vintage never goes out of style in addition to established fashion houses such as Chanel, Louis Vuitton, and Hermes.
While shops like influencer-favorite What Goes Around Comes Around caters to craving that vintage luxury fix, online luxury consignment options such as The Real Real allows for purchasing more current items for less than retail values for obvious reasons.
With these options available to millennials and being loved by them alike, the shame of pre-owned has almost disintegrated thanks to this trend. Embracing the immense buying power millennials have, brands have also had to step up their digital marketing game to peak interest. Gucci alone has had an increase in sales due to their Instagram marketing as well as the integration of modern designs to collections, peaking millennial interest for spending.
Instead of a horsebit loafer seeming “grandmotherly” or “outdated” as it is one of Gucci’s more signature styles started as far back as 1950’s, the 18-34 year old population has created a staple thanks to influencers and ordinary spenders alike splurging on the shoe style that starts at a pretty $650.
In a world where Louis Vuitton collaborates with Supreme, Gucci taps into street art for handbag designs, and consigned luxury goods are the norm, millennials have completely changed the designer game by respecting the old and unconsciously influencing the new.
And for the record, that is completely okay.