HSBC
Global Research
Consumer Brands & Retail
Global luxury goods — Equity
March 2014
Rise ofthe YGmm
Young, Urban, Male: three reasons to rejoice
Lu ry mes have reeled from emerging market macro doubts, but we remain confident that
emerging market demand for luxury brands will prove more than resilient
In this report, we outline why we are optimistici'l) Urbanisation and economic growth create
more emerging client targets for luxury; 2) China isno country for old men but rather a maret
that could be driven more by young women. In other markets, a "metro-sexual" shift is
startihg to move the eedle, with Japan and Korea showing the way; and 3) Around the world,
purchases will increasingly be made by the digitally plugged-in youth
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