Gen-Y members 'keen to buy luxury goods'

Youngsters are making a mockery of these times of austerity by using their credit cards to buy luxury goods, it has been suggested.

Despite the fact that the Daily Telegraph reported earlier this week that more members of Generation-Y are looking to save rather than spend, new figures released by American Express Business Insights and IBM Global Business Services appear to tell a different story.

The research indicated that young Aussies spent one-third more on luxury items in 2011 than they did in previous years.

Much of this increased retail activity has been attributed to the growth of online shopping, as people that fall under the Gen-Y demographic are keen to use the latest technological innovations to purchase high quality goods.

Senior vice president at American Express Business Insights Ed Jay commented: "Gen-Y men are among the fastest group growing out of the recession [where a] higher proportion of the wallet [spend] is on luxury fashion."

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