June 19, 2012 - 2:17 PM
MARKHAM, Ont. - A new study suggests Canada's Generation Y is outspending older generations in the luxury market for fashion, travel and fine dining.
The American Express Business Insights survey says Canada's luxury segment has been more resilient than that in Europe and the U.S., dominated by demand from younger people.
The findings, based on spending data collected from 2009 to 2011, suggest the Canadian luxury segment was less impacted during the downturn and recovered more quickly than in the U.S. and Europe.
It says Europe and the U.S. have yet to see pre-recessionary spending levels in the market, while Canadian luxury spending has increased since 2009.
Younger Canadians ramped up spending faster during the survey period than their older counterparts.
Gen Y members spent 33 per cent more on luxury fashion from 2009 to 2011, increased travel spending by 74 per cent and dropped 102 per cent more on fine dining.
News from © The Canadian Press, 2012