“It’s difficult to convince people that luxury isn’t about flaunting but about paying for health and safety. The pandemic has forced many professionals with big salaries and bigger purchasing power to spend in a way that they never did before. ADVERTISEMENTADVERTISEMENT“The demand has gone up 15% among the millennials and that’s a significant number during the pandemic,” says Shah. According to a 2019 report released by financial services company American Express, millennials—who comprise 37% of the company’s user base in India—account for a third of all the luxury spending. Sheetal Jain, a Delhi-based luxury market expert, agrees there’s been a shift in the way the young think.

Source: Mint June 04, 2021 08:11 UTC