Today’s new buyer is savvier and is younger. Luxury brands are adjusting to new consumers needs and voice. The luxury sector continues to have to pivot, revamp and shift products and services to fits today’s needs. Millennial and Gen-Z who like new ideas and are comfortable with new technologies. By 2026 they are expected to be 60% of luxury spending.
Young luxury consumers are 30% more likely than average luxury consumers to talk to others about their purchases.
60% are more likely to recommend a brand (source: BCG, Boston Consulting Group, one of the three largest and most prestigious consulting firms in the world.)
Gen-Z’s spend half of their purchase journey seeking inspiration and inspiring others, and purchase spontaneously when seeking inspiration.
Luxury brands now have to keep doing more. Luxury brands are delivering more meaningful value. Today’s luxury client wants value more than ever before. According to McKinsey & Company, value is the main reason consumers have switched brands since the start of the pandemic — other reasons include; purpose, quality and novelty. Relevancy is the new legacy. Timelessness is key. Today’s luxury client still wants “timeless” value.
Photo credit: Ryojoi Iwata | Unsplash
