Millennials and Gen Z will soon carry the luxury goods market on their backs. The True-Luxury Global Consumer Insight 2023 report from BCG and The Altagamma Foundation found that these young gens are stepping into the forefront of the luxury goods industry. According to the data, over $200B of the spending was from Gen Z and Millennial consumers in 2022, and it is expected to increase two-fold by 2026. This consumer set spends 15% more than any other consumers, and while they are set to take over the luxury game, they are also changing what it looks like with the increasing presence of reselling and renting luxury goods, with 35% of Millennials and Gen Z buying second-hand luxury items and 26% renting luxury items. YPulse research shows that Gucci and Louis Vuitton are the top luxury brands these young gens seek out. (Fashion Network)
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