April 2, 2014: Young Urban Males
New research from HSBC predicts that the future of luxury fashion lies in surprising hands. Up until now, relatively wealthy middle-aged women are the ones marketers, such as Burberry and Coach, have focused on. But Bloomberg Businessweek reports the new hot customers are young, urban males, or “Yummies.” According to HSBC, “The metrosexual, that cliché from 20 years ago, is now becoming a commercial reality.”
Businessweek attributes the shift to self-esteem issues, saying Yummies are scooping up the fancy brands “as soon as they can afford them” because they have more to prove than older, already successful consumers.
Another factor, says HSBC, is that men are waiting longer before they get married, giving them more disposable income with which to indulge themselves. And the report continues the Yummies don’t need to be near a luxury store to buy: Thanks to mobile marketing, it’s so much easier to shop from anywhere these days.
Although the reports says brands like Coach, Burberry and Michael Kors are already seeing paybacks from targeting Yummies, there’s a lot of good news here for small businesses, too. If you sell luxury goods, offer high-end services or own a restaurant, consider expanding your offerings and adding Yummies to your business and marketing plans.