Comment on Why Retirees Are Hurting the Luxury Goods Business

Why Retirees Are Hurting the Luxury Goods Business

Memories are the new Mercedes Benz. The shift to experiences rather than material things accelerated, often out of need, during the Great Recession. It follows academic research showing that people get more lasting pleasure from activities rather than possessions. But the trend continues to gain momentum every time a boomer retires and looks to the next two decades as a time to find meaning—or just have plain old fun. Retirees will have 2.5 trillion hours of leisure time to fill over the next 20 years, according to a report from Bank of America Merrill Lynch.

 

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