According to a study that was done by NPD Group and e-commerce firm Stylitics, younger consumer are much less interested in big traditional luxury brands than older bag shoppers. The two companies researched what drives young customers to invest in a bag. They came to the conclusion that when Millennial shoppers buying a new bag “it psychologically seems closer to buying a car than to buying clothing.”
Most women think of designer bags as investments
The study used an app to track the contents of 300.000 Millenial’s closets, to understand the factors that influence women as they look to purchase a new bag. This taught them that women do an extensive amount of research on websites, retail stores and social media, before they actually purchase a bag. This extensive amount of research is because buying a bag is not like buying a t-shirt. It is a rational process as handbags serve a functional purpose, but next to that they also serve an emotional purpose. Most women think of a bag as an investment in her style and personality, regardless of price. Just like when buying a car, it’s a very personal choice.
Designer-mania is dead?
The study also revealed that Millenials are less concerned about brand names when it comes to handbags than older generations. They care more about the quality and style of the brand. This creates opportunities for new labels, like for example at Mansur Graviel. A relatively new brand that became popular really quick because of its understated designs and high quality.