â–¶ Gen Y Spending: A survey by NYU Stern and prestige brand think tank L2 reveals that Apple is high on the list of brands that are most desirable among Gen Yers. Key findings:
• The top 10 brands for male and female Gen Yers are dominated by traditional luxury names such as Chanel, Ritz-Carlton and BMW. However, when unprompted, Apple was named No. 1 prestige brand for men and No. 9 for women.
• Apple is No. 1 among males and females when asked their next most likely prestige brand purchase.
• Gen Yers label themselves as brand lovers: 65% of females and 61% of males consider themselves “brand conscious.”
• Gen Y has embraced social media and blogs. One in five respondents like a prestige brand on Facebook, and one in 10 follow a prestige brand on Twitter. Almost half have signed up to receive e-mail from a prestige brand.
• Almost 1 in 5 Gen Yers consider blogs one of their top three sources for information on prestige brands.
• Trump receives the most “hated” scores of any prestige brand in the survey—43% of men and 34% of women. PRN
Source: NYU Stern/L2