HSBC sent a note to clients this month titled "Rise of the Yummy," a new term for "young, urban males" — that is, the type of people that luxury retailers should be very excited about.
"Yummies" will drive growth for luxury brands such as Burberry and Luxottica this year and beyond, overshadowing concerns over consumer sentiment in China and political turmoil around the world, HSBC analysts led by Erwan Rambourg wrote. Businessweek pointed out the note earlier today, calling the new phrase "a handy verbal shortcut if one can say it without gagging."
The consumer brand and retail analysts explained the "Yummy" rationale in a more than 100-page report, saying that premium consumers are getting much younger, particularly in Asia. Urbanization, meanwhile, is "creating hordes of new luxury targets as the upper middle class swells." And as for "male," that represents the idea that more men are buying luxury goods, such as cosmetics, watches and bags.
"The metro-sexual, that cliche from 20 years ago, is now becoming a commercial reality, with Japan and Korea (as so often) showing the way," the analysts wrote.
Time will tell if "Yummy" catches on or just leaves a bad taste in people's mouths.
Sapna Maheshwari is a business reporter for BuzzFeed News and is based in New York. Maheshwari reports on retail and e-commerce.
Contact Sapna Maheshwari at email@example.com.
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