Study: Twenty-something women spend big on fashion |
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Author: Study: Twenty-something women spend big on fashion
10/28/2006 6:14:53 PM
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OCTOBER 20, 2006 - New York -- New York¡ªWomen ages 20-29 spend almost half (48.2 percent) of their disposable income on accessories, fashion and beauty, according to a new study from Jane magazine.
Of that, about 16 percent goes toward purchasing jewelry and watches, the study finds.
"There is a big opportunity here for retailers," says Carlos Lamadrid, vice president and publisher of Jane. "They should think about a way to lure 20-something women into their stores because they will buy. If they are buying $2,000 Fendi bags, there is no reason they won't buy $2,000 watches."
Today's 20-somethings have a much greater appreciation for fashion than the 20-somethings of 10 years ago, who made fashion choices inspired by grunge and minimalism.
"This generation (modern 20-somethings) is much more about pretty dresses, pretty jewelry and high heels," Lamadrid says. "Ten years ago, that was almost nonexistent."
Women in their twenties, or millenials, are children of the affluent baby boomers, so they grew up with an appreciation of quality goods and a desire to stay on top of trends, Lamadrid says.
Millenials also have no qualms about living beyond their budgets; the study finds that 84 percent of those surveyed will find a way to purchase something they can't afford if they really want it.
From 1996 to 2006, the number of women carrying credit card debt has remained stable at 67 percent. But the amount of debt has skyrocketed 33 percent to an average of $5,365 per month, after being adjusted for inflation, according to the study.
As for specific trends, Lamadrid says 20-something women want high-quality jewelry that will set them apart from their peers, and they would rather splurge on a genuine piece than save by buying costume jewelry.
The survey of 1,000 women, ages 20-29, was conducted online through Greenfield Online's panel.
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