Reported about 2 months ago
Younger generations, particularly Gen Z and millennials, are significantly influencing the luxury market, with projections indicating that by 2030, they will constitute a sizable portion of luxury purchases. As these demographics prioritize quality over brand loyalty and have diverse preferences, luxury brands face the challenge of adapting to their evolving tastes while balancing authenticity and aspirational buying. Brands need to engage with young consumers effectively to leverage their growing spending power, which is expected to reshape the landscape of luxury retail.
Source: YAHOO