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"The boss of fashion chain Next today said it had been hit by a generational shift away from owning ever more 'stuff' to spending on memorable experiences such as eating out with friends.
"Chief executive Lord Wolfson, who was unveiling the retailer's first fall in profits for eight years, said the trend — most closely associated with young 'Millennial' shoppers — was a major reason why he remained 'extremely cautious' about the outlook for the rest of 2017.
"... Last year Ikea executive Steve Howard warned that consumers' obsession with owning goods was on the wane, saying: 'In the West we have probably hit peak stuff'."
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