Streetwear rules for young, rich Britons; Supreme, Palace, Burberry are key - survey
The streetwear trend has been impacting the luxury sector for a while now and a new survey from London-based luxury marketplace and VIP concierge service HushHush.com said that key players such as Supreme and Palace are replacing traditional luxe brands like Louis Vuitton and Gucci on many wealthy consumers’ wishlists.
Based on the fact that over the last decade, there has been a huge increase in the number of millionaires below the age of 30, the company spoke to more than 2,000 “affluent members of the public” in Britain to find out which brands and products were their favourites, across a variety of sectors. As well as the streetwear insight, it also found that Mercedes and Apple Watches are now more popular than Lamborghini and Rolex.
The top 10 saw the rugged Mercedes G-Wagon as the favourite product of all, but Supreme and Palace, two labels with their roots in skateboarding, were second and third respectively. Between the top three brands, it suggests a luxury lifestyle that’s much less linked to the idea of opulence and ease than it was just a few decades ago and is now more about activity and the ‘cool’ factor.
Other fashion disrupters also got into the top 10 with Adidas Yeezy in sixth place and Off-White rounding out the list in 10th spot. And overall, fashion was a big part of the top 10, with Fendi coming in seventh and Burberry eighth, the later having added more streetwear to its offer of late.
Technology had its place too with Apple Watch in fourth place, leaving all other high-end watches trailing. Meanwhile Tesla was fifth with the appeal of electric luxury cars winning out over the other large-engined speed machines of the luxury autos sector. That said, the Pagani Huayra supercar came in at number nine, suggesting that ultra-luxury shoppers want something different.
The company said that these brands and products are finding favour among the young and wealthy as “Gen Z youngsters are increasingly inheriting larger fortunes from parents thanks to the property boom of the 1970s and 1980s and as such, are looking to purchase brands that appeal to their demographic rather than the brands that long held sway with their parents’ generation.”
The company collates "unique luxury products, from super-yachts and hyper-cars to luxury villas and private islands, and partners with sellers to reach their audience,” which puts it in a good position to see what the very rich are interested in.
Founder Aaron Harpin added: “We noticed a preference among our younger clientele for more streetwear brands and modern technology than the established brands their parents preferred. When we looked into this in more detail, it was clear that the reason was that the average millionaire is much younger than in the latter part of the 20th century. The rise of the YouTube star and social media influencers means that many more young people are becoming super-rich before they’re 25 than ever before.”
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