Headlines lately are saying that luxury brands are finally being embraced by young consumers—with one report indicating Gen Z and Millennials accounted for all of the luxury market’s growth last year. Brands are attributing this to the ease of online shopping, buy now, pay later programs, and the lure of crypto and NFTs. But YPulse data indicates it’s more than that; our Luxury Report shows Gen Z and Millennials will buy a product they consider luxury just to “treat themselves,” and luxury isn’t just about price to them now. In addition, owning luxury is no longer about just physical products: 41% of Gen Z tell YPulse they have purchased a luxury item in a virtual world (read: the metaverse).  YPulse data shows exactly what is driving young consumers to buy luxury—and what brands they consider to be luxury in the first place. YPulse asks 13-39-year-olds which luxury brand they most want to own something from and why, as open-ended questions, and shows its more than just the typical luxury...