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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Nike’s new store puts mobile use at the center of the experience. Using geo-fencing, Nike knows when a customer walks into their 68,000 square foot space and changes the app accordingly. Users can see tailored content and offers, book styling appointments on-site, scan mannequins to have product delivered to their dressing room, and more. Based on the success of similar stores in L.A. and Shanghai, Nike execs hope their new flagship will build up Nike’s Brandom, and drive app downloads in the process. (Ad Age)

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