In a new report, Jefferies analyst Randal Konik discusses a recent conversation the firm had with handbag industry expert and Snob Essentials co-founder Kelly Cook. Cook revealed her ideas about the role that Millennials are playing in the slumping affordable luxury space.

Millennials To Blame For Handbag Slowdown

According to Cook, Millennials’ growing representation in the discretionary spending population is the major driver behind the slowdown in handbag sales. Cook has observed that Millennials tend to spend their discretionary income differently than older generations.

“Saddled with high housing and healthcare costs, Millennials have lower discretionary income than in the past and are increasingly dedicating their dollars toward experiences rather than material items,” Konik wrote.

Technology will Drive Eventual Handbag Recovery

Cook believes…

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