The younger gens’ definition of splurges and luxury brands are not what you’d think… TL;DR The majority of Gen Z and Millennials define “expensive” as anything that costs more than $40 Any brand with a recognizable name can be considered luxury to these gens Quality is the major defining characteristic of what they consider to be a luxury item Gen Z and Millennials are unique consumers, and not just because of their affinity for online shopping. The way they define what’s “expensive” is being influenced by the world events that shaped their reality—for Millennials, many suffered the results of the Great Recession as they graduated into the work world, and Gen Z is now looking at a similar experience as the price of living rises across the world. So, while they’re spending more now than they have since the beginning of the pandemic, their ability to make big financial decisions are continuing to be impacted. But it’s not just recessions and economic uncertainty that has had an effect on...
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