Move over, yuppies.
Luxury retailers are targeting a new kind of consumer that has been dubbed by HSBC as “Yummies,” or young urban males. Bloomberg BusinessWeek did a story on the report and now everyone is talking about it. And everyone wants to know what’s in it.
We got a copy of the report and dove in.
Here’s how the report describes the trends contributing to the growth of Yummies:
Premium consumers are getting much younger. Yummies want to display social status earlier on. They have fast changing expectations and follow fashion trends quickly, the report says.
They have an obsession with personal grooming and health. “Taking pride and taking greater confidence from maintaining a well-groomed appearance now defines what it is to be ‘a man’ in today’s society,” the report says, quoting Richard Cope, a researcher from Mintel. “Rather than being in a minority, men who buy grooming products to boost self-esteem or feel more attractive are now in the majority.”
Yummies are investing in a number of non-traditional categories, including cosmetics and accessories. “Whether it is cosmetics, outdoor sports, fashion or accessories, male purchases have really started to impact overall growth rates,” the report says. “Men-specific luxury stores are one of the ways in which brands have adapted to this new type” of consumer.
They are marrying at a later age, and therefore able to invest in themselves, rather than support a family.
The media is fueling the growth of the Yummy by making “metro-sexual attitudes” more acceptable socially, the report says. “‘Metro-sexual’ was a term coined exactly 20 years ago to describe men who are interested in their appearance and spend much time, effort and money on shopping,” the report says. “In the beginning, though, this did not translate into strong growth in purchases of luxury goods by men as ‘metro-sexuals’ were not mainstream. This has clearly now changed.”
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