Luxury Shopper Demographics Shift

Younger generations, particularly Millennials and Gen Z, are increasingly participating in the luxury market, reshaping brand expectations.

Themes

Authenticity and Transparency Reign Supreme , Experiences Over Material Goods , Values-Driven Consumption

Timeframe

near-term

Subcategories

Brand Management Consumer Behavior Consumer Preferences Market Trends Marketing

Impact areas

Luxury Goods Marketing Retail

Detailed Analysis

The luxury market is experiencing a demographic shift, with younger generations becoming significant consumers. Millennials currently represent a larger portion of luxury shoppers than Gen Z, but Gen Z's presence is growing. This influx of younger consumers is changing the dynamics of the luxury market, influencing brand strategies and expectations. Brands must adapt to cater to the preferences and values of these new luxury shoppers.

Context Signals

Ipsos surveyed 14,282 online participants aged 13-44 The survey covered 6 international markets Luxury shoppers are defined as those who bought or received luxury goods in the past 12 months

Edge

Brands that effectively engage Gen Z now will likely gain a loyal customer base for the future. The increasing purchasing power of Gen Z will further accelerate this demographic shift in the luxury market.

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