Younger generations driving luxury sales

Global luxury-goods consumers are getting younger, and spending also will be driven by the younger generation in the next decade, according to a recent report by consulting firm Bain & Co. Generation Z (born from 1997-2012) members started buying luxury goods, including designer handbags, shoes, jewelry and more, at age 15, three to five years earlier than millennials (1981-1996), the report noted.