Gen Z and Millennials are fueling the luxury industry. While older Millennials are within stages of their lives where they can afford luxury products, Gen Z is alongside them. There’s no age requirement when buying products that make us feel good—more than half of young consumers own a luxury good. And the numbers continue to increase year-over-year. While this is true, young consumers who don’t own luxury items are growing their savings accounts and finding creative alternatives to occupying space within the luxury industry.
In this year’s Luxury report, you’ll find insights about what young consumers are buying, their alternatives to luxury products, and how young consumers are continuing to evolve into what luxury means.
Report length: 18 pages, North America report is based on a survey of 1500 13-39-year-olds in the U.S. and Canada, fielded in November. Western Europe report is based on a survey of 2500 13-39-year-olds in the U.K., Italy, Spain, France, and Germany, fielded in November 2022
