The Top 10 Luxury Brands Millennials & Gen Z Most Want To Own

Millennial research, Millennial insight, Millennial marketing, Gen Z research, Gen Z marketing, Gen Z insight, youth research, youth marketing

We asked Gen Z and Millennial consumers what luxury brands they most want to own, and their answers show what high-end names are still desirable—even in the age of redefined luxury…

Millennials have redefined what luxury means with both their behavior and attitudes toward high end goods—and according to our data, Gen Z is following right in their footsteps. A recent Ypulse monthly survey found that the younger generation is just as likely to say that they do not care about owning luxury brands, and even more likely to agree that luxury brands should make some affordable items so more people could own them. With these groups, it’s no longer about brand names but something more nuanced—70% of 13-35-year-olds say they think luxury is a feeling not a thing. This shift in perspective can be partially credited to these generations’ shifting values. Millennials and Gen Z are drawn to companies whose ethics align with their own, and put their money where their principles are. This has led conscious consumerism to become the latest status symbol; now, caring about what’s in your food or where your clothing comes from is not only cool, it’s luxe.

Besides general disinterest in conspicuous consumption, however, another major reason for the indifference to luxury is money. Of those who have never purchased a luxury product, 57% of 13-35-year-olds say it’s because they can’t afford it, 50% say they’re saving their money, and 48% say they’d rather spend their money on other things. This has led to a shift in strategy among luxury brands, who are trying to capture the youth market as the oldest Millennials enter their peak earning years come 2020. With the definition of luxury more broad than ever before, and exclusivity no longer a defining marker of luxury brands, competition to be a desired…

 
 

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The Newsfeed

“I move around every few years so it would be a huge hassle to have to buy and sell property so frequently.”—Female, 28, IN

Gen Z will spend the most on rent of any generation, but Millennials aren’t far behind. HotPads estimates that 2-20-year-olds will spend $226,000 on rent before they buy a home and 24-38-year-olds will ring in at $202,000. Despite the difference, Gen Z will own their first home one year earlier than Millennials because they’ll have “a stronger job market than [M]illennials”—but, despite the myths, they are buying homes in greater numbers. PS: Los Angeles tops the list of where young demos will spend the most on rent. (Business Insider)

What’s behind board games' popularity today? The NPD Group found that board games grew 8% compared to the toy industry’s overall growth of 8% in the past year and has “no signs of slowing down.” Digital detoxing plays a part, as more Millennial parents worry about their kids’ screen time and seek toys that foster face-to-face relationships. But despite the analog appeal, games are also getting high-tech and the word-of-mouth media they receive propels social media-friendly games like Pie Face to the top of toy charts. (Kidscreen)

Parents still have the most influence over kids today, but online celebrities are also top role models. Mintel research found that 86% of 6-17-year-olds say their parents are among their top role models, 62% say teachers, and 41% say siblings. But the top kind of celebrity that gets added to the category are social media celebrities at 35%, followed closely by musicians and athletes. Only 22% said actors were among their top role models and just 16% said the President. (MediaPost)

Disney has a new beverage to fill your Instagram feed: The Purple Wall Slushie. The Millennial & Gen Z-loved company has had no problem coming up with social media-friendly items, from Baby Groot bread to a viral Beauty and the Beast-inspired tumbler, and now they’ve rolled out a boba and taro beverage at Disney World. The Purple Wall is a famous destination to snap a pic for social media in the Magic Kingdom, and this slushy is made specifically to match up with the wall (and monetize on it). (POPSUGARInsider)

Speaking of Instagrammability, the Space Needle’s new, clear benches are sure to make for a thrilling photo op. The iconic viewing deck for the Seattle skyline has been in the midst of a makeover to create a better (and decidedly more social media-worthy) viewing experience. A metal base and caging has been replaced with a high glass wall from floor to sky, and so-called “skyrisers” will let visitors sit right on the edge of it all—and snap a selfie. (Curbed)

“People have been planning outfits since the start of the year [for prom].”—Male, 15, NC

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