How younger consumers are reshaping the luxury market

The luxury consumer is evolving, forcing brands to keep up with changing buying habits. A 2024 report 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, in particular, is projected to become the largest and wealthiest generation, according to Piper Sandler, and could drive luxury sales higher across the retail, travel, and technology industries. “Gen Z appears to be the fastest emerging new generation in luxury…