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The luxury fashion industry is threatened by strapped-for-cash Gen Z consumers. 

Aug 23 2022

The luxury fashion industry is threatened by strapped-for-cash Gen Z consumers. Gen Z was predicted to “account for a fifth of spending on luxury goods globally by 2025”—but inflation is causing young people in North America and Europe to dramatically limit their spending. Now executives are worried about China’s young consumers, who are typically considered major drivers of the industry. Recent data from the Chinese government shows the unemployment rate for 16-24-year-olds in the country is on the verge of reaching 20%. Luxury brands are taking some hits—for example, Burberry’s sneakers and slides, considered “entry level” luxury items by most brands in the industry, are noting lower sales. While some brands are focusing on their more established and wealthier customers, YPulse research shows others are making more efforts to embrace new spaces in the metaverse to help reach Gen Z. Our Metaverse trend report data shows that 67% of Gen Z agree: “Seeing other avatars in branded clothing makes me want to wear that brand.” (Reuters)