by Bain & Company found that Gen Z consumers, or those born between 1997 and 2012, will account for nearly a third of luxury purchases by 2030, while millennials, born from 1981 to 1996, will make over half of luxury purchases."Gen Z appears to be the fastest emerging new generation in luxury because of their current entry into adulthood," Jason Dorsey, Gen Z researcher and author of "Zconomy: How Gen Z Will Change the Future of Business," told Yahoo Finance in an email.
She told Yahoo Finance that she's concerned about brands that only trade on their status and mythology, noting that Gen Z consumers are not as brand loyal as older consumers. "There's an appetite for luxury from people who are not in that ultra-elite 1%," Tassin said. "So balancing serving that sort of classical luxury shopper with the more aspirational luxury shopper, especially when you pull into the equation, is something that I think is really hard for those brands right now."
"The key in our research is for brands to not take Gen Z for granted or make assumptions that because they're younger adults, they are less informed, but instead value their diversity, inclusivity, sources of information, trusted trend resources, and desire to be connected," Dorsey said.Korey Lee and Lenyn Sosa deliver RBI hits in the 9th as White Sox beat Giants 6-2
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