Who said that luxury was the territory of Boomers? This is no longer the case; on the contrary, the younger generations are now turning to the high-end and even very high-end items in growing numbers. That's one of the findings of the latest report released by payment services company Klarna*: Gen Zers and millennials purchased more luxury items than their elders in the past 12 months.
With the pandemic, luxury brands have understood the importance of accelerating their transition to digital. Something that has become essential given that their customers are increasingly composed of members of younger generations.
Faced with these ever-younger consumers, luxury brands should not neglect their presence on social networks either. More than eight out of ten Gen Z consumers and nearly two-thirds of Millennials say they follow luxury brands on social networks. And almost as many, respectively 75% and 63%, say they have purchased something after discovering a product on a social network, with YouTube and TikTok in the lead.And the rush of big fashion houses into the metaverse is not likely to reverse the trend.
* Klarna's luxury survey was conducted in collaboration with research agency Dynata among a representative sample of more than 4,000 consumers aged 18 to over 65 in 5 countries in October 2021, including 1,060 respondents in France.
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