Emirates Woman|Emirates Woman May 2020
Someone that knows about this trend all too well is the founder of The Luxury Closet, Kunal Kapoor. “Consumers’ luxury-shopping habits are changing; they’re taking into consideration what ownership really stands for and its definition, along with the impact it has on the environment too,” he tells Emirates Woman. This movement and mentality has largely been spearheaded by the millennial generation, according to Kunal.
“They think differently and have a louder voice with social platforms and have the power to affect their family’s decisions too,” he explains. “Over 50 per cent of millennials consider resale value of a luxury item and are influenced by the sustainability movement and factors before purchasing a premium item. This coupled with the fact that pre-owned items are priced around 60 per cent less than retail prices, it creates a very attractive proposition for customers.”
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Emirates Woman May 2020