What you need to know

Though luxury is not yet a major area of spending of Gen Z, the market as a whole is becoming increasingly popular among this cohort of young consumers. The rapid development of luxury rental and the second-hand market means there is a significant base of Gen Z consumers to reach out luxury goods.

As the purchasing power of Gen Z rises, their needs and definitions of luxury are also being reshaped. For Gen Z, luxury is not just about individual products, but a way of life and form of emotional expression. They tend to demonstrate their attitudes to life through luxury products. This kind of change in cognition affects their consumption views.

Covered in this report

The categories and products covered are as follows:

Luxury goods include beauty products, clothing, footwear, bags, high-end digital products with high configuration, high-end home appliances, fashion accessories, jewellery and watches.

Luxury brands include Gucci, Chanel, Prada, Christian Dior, Ralph Lauren, Valentino, Hermes, Louis Vuitton, Givenchy, Tiffany, Cartier, Piaget, BVLGARI, Saint Laurent etc.

Luxury services include premium dining, five-star hotel accommodation and first class flights.

The key issues covered:

  • Gen Z’s definition of luxury.

  • The luxury goods and service bought by Gen Z.

  • The spending motivations of Gen Z.

Excluded

Furniture is excluded in this Report.

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