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

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Millennials and Gen Z are going to “extreme lengths” to share streaming passwords—and major platforms are losing millions. Magid research indicates that 35% of 21-35-year-olds and 42% of those younger than 21 share streaming service passwords, compared to 19% of Gen Xers and 13% of Boomers. One particularly amusing anecdote: the 20-something who uses the HBO Go login of a one-night stand from 2013. Though Netflix and HBO have both said that password sharing isn’t a problem, there’s no denying they are losing out on revenue—Hulu stakeholders estimated a loss of $1.5 billion yearly. (CNBC)

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Amazon wants to steal away YouTube creators to bolster their own platform, Twitch. They’re reportedly offering multi-million dollar deals to influencers ranging from Gigi Gorgeous to Will Smith, hoping their large followings will follow them off of YouTube. So far, Twitch has 15 million daily users compared to YouTube’s 1.9 billion but Twitch’s SVP promises “a steady drumbeat of lots of new content.” They’re also reportedly looking to double their ad revenue in the next year, and their foothold on video games like Fortnite is sure to help. (Bloomberg)

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