By Eloise Alba
...when it comes to luxury travel and fashion, that is. A spoiled generation then? Or a youth that simply aspires to experience (a good) life? The latter description being more acceptable, I assume.
Credit card company American Express Canada released a statement earlier ascertaining younger Canadians as the biggest spenders in luxury travel and fashion compared to any other demographic. Generation Y, which is primarily classified by those born after the year 1983, had an 89% increase in travel expenditures and a 13% hike in fashion purchases since 2011.
Spending patterns, tastes and preferences differ per individual but one commonality among the group is the fact that "Generation Y can be particular about how they spend money during their travels. For example, choosing to fly economy but stay at a top hotel when they arrive at their destination," explains American Express Canada in an article for CTV.
The credit card giant also added that spending on high-end fashion will continue to grow in Canada, especially with the arrival of luxury U.S. retailers like Saks. (Read our previous post for a complete story on HBC purchasing Saks, Inc.) At this rate, "total luxury purchases and online spending are forecasted to double by 2015." And that's not all. Research data and statistics also showed that seniors (over 60) have jumped on the bandwagon, increasing their spending on luxury travel by 52% in 2012. Perhaps the younger generation is learning a thing or two from their parents, we really can't say. And why Generation Y members are particularly drawn to luxury expenditures compared to those born in another era , we can't explain either.
Here's a little story though: It's been a longstanding dream of mine to travel to Marrakech—I love the colourful culture and I'm particularly obsessed with the flavours of their cuisine. So, I woke up last month from a Moroccan adventure (dream) and had a sudden urge to visit Marrakech again. 7 hours later, I had my economy plane ticket purchased and a five-star riad (a typical Moroccan accommodation) reservation confirmed. Clearly, I fit the bill. And yes, just to state the obvious, I do belong to a certain penultimate letter cohort.