Over the last 18 months, young, wealthy professionals have flooded into Miami and Austin. And where young, rich Millenni…

Over the last 18 months, young, wealthy professionals have flooded into Miami and Austin. And where young, rich Millennials go, luxury brands follow. Chanel, Louis Vuitton, The RealReal, and Alo Yoga have all just opened new stores in Miami, while Gucci and Hermès are set to open their first boutiques in Austin later this year.⁠

The two cities were hardly luxury deserts before the pandemic. But brands are investing in both locations with a focus rarely seen outside New York or Los Angeles. “Follow the money. This is where the new chefs want to come, and where the high-profile people are moving,” said Alexis Piquero, a sociology professor at the University of Miami. “If I’m a business owner and I don’t have my eye on Miami or Austin, I am behind the curve.”⁠

But it will take more than an influx of new residents to build the next Rodeo Drive. BoF’s @chavielieber breaks down the shopping habits of Miami and Austin’s new residents, and what they mean for luxury. [Link in bio] 📸 @shutterstock

(SOURCE) https://www.instagram.com/p/CZMnXGLMpx_

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