In the previous year, Gen Zers (63%) and millennials (63%) spent more money on luxury goods than their older counterparts (45% Gen Xers and 25% Baby Boomers), according to the most recent study from financial services provider Klarna.
From social networks to metaverse
Faced with customers who are getting younger, luxury brands shouldn't forget about their social media presence either. More than eight out of ten Gen Z consumers (83%) and almost two-thirds of Millennials say they follow luxury brands on social networks. And almost as many, 75% and 63%, say they have bought something after seeing it on a social network. YouTube and TikTok are the most popular sites for this.
Even the rush of big fashion houses into the metaverse probably won't change this. More than six out of ten people who have heard of the metaverse say they want to buy luxury goods through this new channel. In general, consumers are becoming more interested in new technologies, such as virtual fitting rooms that let them try on clothes without leaving their couch (22%).
For me, it has 2 sides. What is your thought about this issue?