Kijken, kijken, snel kopen’; seems to have become the mantra of young people in the Netherlands. They are making luxury fashion purchases faster than ever before and are not shy about spending hundreds of euros after just a few minutes of browsing online. This is revealed by an analysis from Winkelstraat.nl based on over 700,000 transactions from more than 300 stores and brands selling through the online marketplace. Gen-Z and Millennials spend, on average, 50 percent less time on a webshop before buying an expensive pair of sneakers or designer clothing than they did five years ago. Additionally, the average transaction amount has increased by over 20% since 2017, indicating that Dutch youth are increasingly willing to spend money on high-end designer clothing and do not dwell on high expenditures.
Two hundred euros in two minutes
The demand for luxury brands among young people continues to grow. Two out of three* Dutch youth now regularly buy luxury fashion like Balenciaga sneakers worth 750 euros. And they do so with ease. The younger generation appears to make impulse luxury purchases and skip the comparative shopping process. Because after seeing an expensive pair of sneakers or designer clothing online, it takes them, on average, less than two minutes to make a purchase. They typically spend around 200 euros when shopping, which happens multiple times a month. Popular clothing and sneakers that end up quickly in online shopping carts include: Dsquared2, Parajumpers, and Airforce. Moreover, 84% of purchases are made via mobile.
Joost van der Veer, CEO and co-founder of Winkelstraat.nl: “Millennials and Generation Z are driving the sales and growth of luxury brands, and this will continue to increase in the coming years. These results emphasize the ease with which they quickly spend large amounts of money on a pair of limited edition sneakers, a luxury bag, or unique jeans. This presents opportunities for established designer brands and new labels.”