The luxury market continues to pin big hopes on Gen Z. Fashion Network reported that over $200B of the spending in 2022 was from Gen Z and Millennial consumers, and it is expected to increase two-fold by 2026. And some have decreed that Gen Z and Millennials are “doom spending” on luxury items—or even that they’re rebelling against the terrible housing market by spending on high-end goods. Whatever their motivations may be, YPulse’s latest Luxury report found that Gen Z young adults are in fact buying from luxury brands, with 54% of 13-24-year-olds reporting that they have purchased a luxury product. While expensive items aren’t their go-to, many young people are finding ways to sprinkle them into their closets and homes (when they can afford it) to treat themselves. But of course, we also know they’re taking their own approach to luxury, buying those pricey items secondhand, as digital products, or finding high quality lookalikes (hello, Dupe Mindset). But the exact luxury brands Gen Z is interested in may not...
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