Gen Z and Millennials are fueling the luxury industry. While older Millennials are within stages of their lives where they can afford luxury products, Gen Z is alongside them. There’s no age requirement when buying products that make us feel good—more than half of young consumers own a luxury good. And the numbers continue to increase year-over-year. While this is true, young consumers who don’t own luxury items are growing their savings accounts and finding creative alternatives to occupying space within the luxury industry.
In this year’s Luxury report, you’ll find insights about what young consumers are buying, their alternatives to luxury products, and how young consumers are continuing to evolve into what luxury means.
Download the full report for further insights
- How many young consumers own luxury products
- What young consumers are purchasing when they can't afford luxury
- How many young people are purchasing luxury products through the virtual world
- What luxury means to most young consumers
Additional survey content for Pro users: What young consumers consider as a splurge, how young consumers feel about buying luxury products, and how young consumers are turning to the virtual world to purchase luxury products.