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60% of affluent Millennials plan to spend more on fashion

Hey, big spender.
Written by Andrew Nusca, Contributor

The natty Millennial generation has been associated with the resurgence of menswear and the death of casual Fridays, but the question was always whether the group would put its money where its mouth is.

A majority of people in their twenties making more than $100,000 plan to increase their spending on fashion products in 2014, according to a new survey by American Express Publishing and the Harrison Group. That's a subset of the overall generation for sure -- we're all aware that the group entered the workforce at around the time that the global economy drove off a cliff -- but it's an interesting point that distinguishes the group.

According to the survey, "affluent millennials are more likely than other generations to increase spending across various categories." And they're more optimistic about it, too.

The survey polled 1,416 people across three categories of income: "upper middle class," with discretionary income of $100,000 to $149,999; "core affluent" customers with incomes of $150,000 to $449,999; and "one percenters" with incomes of $450,000 or more.

The survey found that while affluent U.S. people of any age intend to increase luxury spending across the board -- accessories, electronics, jewelry, watches, home entertainment, travel and hospitality and women's hangbags -- Millennials in particular plan to spend more on fashion purchases. The trend is consistent across both genders.

In short, affluent Millennials "have a different attitude" toward consumerism than the Generation X and Baby Boomer generations that preceded them. Good news for luxury goods makers and the marketers that work for them.

This post was originally published on Smartplanet.com

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