YPulse has long said that Gen Z and Millennials view luxury differently than previous gens, and this redefinition of what luxury means is having undeniable impacts on the industry. While some headlines claimed (and many hoped) these young consumers would be the saviors of the luxury market, the reality is that the personal luxury goods market is shrinking. Though some luxury brands are sustaining sales, others are experiencing a decline partly due to rising prices coupled with social media discourse about the value for it, discouraging middle-class buyers. Now, many young people are looking elsewhere to sprinkle luxury into their...