While some parents wrinkle their foreheads at the thought of shelling out part of their kids' college funds for clothing that will be outgrown in six months, others are anxious for quality goods from trusted manufacturers. Business owners and marketing minds agree, the timing is right for youth luxury items.
Jack Gifford, professor of marketing at Miami University in Oxford, Ohio, accounts for the current boom of this industry in this way: "People are having smaller families, and many of them are dual-income, so there's more money to spend," he says. And if mom and dad are spending all that time working, he concludes, "parents [feel] guilty about not being there, so they're looking to make up for it in other ways."
Contact Source
- Leslie Speidel, leslie@themarketingcoach.com, www.themarketingcoach.com
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This article was originally published in the December 2000 print edition of Entrepreneur with the headline: Lap of Luxury.
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