Young consumers have had some of the biggest financial setbacks of the pandemic, leading to many cutting back on spending and limiting themselves to buying only the essentials. Young consumers were already a price-conscious group, but now their need to find affordable products and services is stronger than ever—which leaves the luxury category in a vulnerable position. This report takes a closer look at the shopping priorities of young consumers, their attitudes towards the luxury industry, and how they feel about luxury brands pivoting to affordable and accessible.
Download the full report for insights on:
- The shift in shopping priorities among young consumers from 2018 to 2020, and what they are sacrificing in exchange for cheaper prices and deals
- Why the luxury category will have a hard time gaining ground with high price tags
- Why young consumers say that luxury items are back in style
- What young parents want most from luxury items, and how it differs from their peers
Report length: 10 pages
Based on a survey of 1000 13-39-year-olds in the U.S., fielded November – December 2020
Additional survey content for Pro users: The most expensive thing young consumers bought in 2020, the luxury brand they most want to own, the characteristics needed for a product to be considered luxury, the category of luxury products owned and the categories they most desire, reasons behind owning a luxury product.