Luxury Brands Prep For Millennial Domination

Luxury Brands Prep For Millennial Domination

By 2025, Millennial’s & Gen-Z will dominate the luxury space with a 70% market share.

It comes as leading luxury brands are preparing for a seismic shift in buying power towards younger generations, who are looking to invest in ‘expressive luxury’, a step change from the affordable luxury trend that has dominated in recent years.

As part of this evolution, the method of selling these luxury goods to consumers is changing too.

Karen Webster, XY Retail CEO, believes consumers are looking for a more digital-physical buying experience. With younger generations favouring the showroom approach of physical stores, before completing their purchases online.

Despite the current inflation storm, Luxury has proven largely resilient, and as wealth continues to pass to younger generations this looks like it will continue.

Millennial domination in the luxury space is almost upon us.

Businesses and brands better be ready, wealth is changing.