Global luxury sales are expected to hit record levels this year with Gen Z’s growing interest in high-end brands. 

Global luxury sales are expected to hit record levels this year with Gen Z’s growing interest in high-end brands. According to Bain, “global sales of personal luxury goods including leather accessories, apparel, footwear, jewelry and watches are expected to grow by 22% this year” as consumers revert back to pre-crisis behaviors. Despite a looming recession and inflation, young people are still shopping for luxury items, in fact, the average age range for the luxury industry’s consumer base has dropped: “half of all purchases [are] by people in their mid-20s to early 40s, while up-and-coming Gen Z, now in their teens to mid-20s, account for nearly 20% of luxury sales.” YPulse research shows that young consumers want luxury brands to be more accessible to them—and some are doing so through a larger social media presence and activations in virtual world games (i.e., Gucci Town). Plus, entry items like wallets and keychains are being replaced by trendy mini bags that are “more visible.” (ABC)