YNAP releases its annual holiday season luxury spending report
Here's what we're all shopping for...
Cyber Weekend is still in full swing and this year it seems like we've been buying exclusive pieces, high-end watches and fine jewellery, according to the Yoox Net-A-Porter Group (YNAP) annual luxury spending report.
There were seveal key takeaways from this year's report. Perhaps most interestingly, the 2018 report revealed that more women are shopping for their own high-end jewellery from e-tailers rather than boutiques (instead of relying on men to purchase the pieces for them as has historically been the case), proving that the recent increased investment in the categories on etailers like Net-a-Porter and Mr Porter is paying off. Millennials were predicted "to be the weekend’s biggest spenders, with more than half seeking one-of-a-kind experiences as gifts", with the same demographic actively seeking out exclusive pieces for purchase above all else. Furthermore, the company reported that 70 per cent of millennials have purchased gifts for themselves across the weekend.
Instagram is increasingly playing the role of influencer when it comes to shopping habits with the report detailing that 70 per cent of female luxury consumers and 60 per cent of men look to the platform to inform their sartorial purchases. According to Fashion Network, "Net-A-Porter said that a single post on Instagram can drive a huge sales peak and its own Instagram shop will focus heavily on partywear and fine jewellery & watches over the holiday season. Mr Porter has actually launched a new Instagram account solely dedicated to luxury watches."
And given the holidays are right around the corner, partywear is a particularly active category for consumers across the weekend too, says the site.
Now, find out which celebrity is the most influential for 2018.