The luxury jewelry and handbag industries have been faltering recently due to a change in preference of fashion-forward young women. Neil Saunders, CEO of research firm Conlumino, stated that Tiffany & Co.’s decline in holiday sales this past season is attributed to a shift in American consumers who no longer view jewelry as a go-to Christmas gift. Early last year, Goldman Sachs and Teen Vogue conducted a survey on young women interested in fashion, aged 13-29, and discovered that they don’t find designer handbags and luxury jewelry as appealing as in recent years. More and more young women would rather lavishly spend money on athletic apparel, cosmetics and wearable electronic devices such as smart watches.
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Story Source: Business Insider