Just a few decades ago, the luxury market was a very different place. The consumers were older, wealthier, and the products were much more exclusive. Today, the luxury market is booming and the face of the luxury consumer has changed. So, who are these new luxury consumers and what do they want?
According to a report by Bain & Company, there are now over 400 million luxury consumers worldwide and that number is expected to grow to over half a billion by 2025. These new luxury consumers are younger, more digital-savvy, and much more diverse than their predecessors.
One of the most notable changes is the age of the luxury consumer. In the past, most luxury buyers were middle-aged or older. Today, however, Millennials and Gen Z make up a significant portion of the luxury market. In fact, Millennials are expected to account for 45% of all luxury sales by 2025.
What does this new generation of luxury consumers want? They want experiences over things, they are more socially conscious, and they are looking for brands that align with their values. For example, many young luxury consumers are interested in sustainable and eco-friendly products. They also want to be able to personalize their purchases and they place a high value on customer service.
Download our US Luxury Market Study: A Generational Take. In it, you’ll:
- Gain insights into the minds of luxury consumers
- Understand what motivates them and drives their purchasing decisions
- Learn about the latest trends in the luxury market
- Discover how to tap into this lucrative consumer segment
Conclusion:
The face of the luxury consumer is changing and that means that luxury brands need to change too. Gone are the days when exclusivity and elitism were selling points for luxury brands. Today’s young luxury consumers are looking for something different. They want sustainable, eco-friendly products and they want to be able to personalize their purchases. If luxury brands want to stay relevant, they need to start catering to these new demands.
