| For young consumers, luxury needs to be accessible. According to a study by HighSnobiety, Millennials and Gen Z will make up more than 60% of the luxury market by 2026. For these next-generation luxe shoppers, exclusivity doesn’t appeal, and “the designer brands that have successfully attracted a younger audience no longer have closed shop doors that only allow in certain clientele.” Gucci has dropped their average consumer age by over a decade in two years by promoting more affordable branded pieces, and leaning into streetwear trends. (Glossy) |
