and Gen Alpha’s spending is predicted to grow three times faster than older generations, making up a third of the market by 2030. This reflects a “more precocious attitude toward luxury,” according to the report. Gen Z shoppers are starting to buy luxury items three to five years earlier than millennials did . Gen Alpha is expected to behave in a similar way.
Much of this is credited to the fact that young people have more access to luxury goods through online marketplaces. Digital credit companies like Klarna have made it easier to finance big-ticket items, while cryptocurrency and NFTs have made the luxury industry more enticing to the young.
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