Why the Future of the Luxury Market Will Be Dictated by Youth Culture
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The luxury market is undergoing a radical transformation. By 2026, Millennials and Gen Z will make up more than 60 percent of the spending – a much higher number than previously reported. This massive generational shift will have a widespread impact on the behaviors, values, and desires of consumers, and it’s imperative for brands to start planning now for this new reality.
In our second book, The New Luxury: Defining the Aspirational in the Age of Hype, we already dove into the foundational knowledge of how youth-driven culture and fashion trends start from the ground up – by looking at the brands, designers, collectors, and tastemakers defining tomorrow's zeitgeist.
Now, in order to further understand what influences what we call the New Luxury Consumer, Highsnobiety and Boston Consulting Group (BCG) have joined forces to use our industry expertise, consumer insights, and conversations with Highsnobiety readers to take a closer look at what we believe lies at the center of luxury’s future: culture. And so, we are excited to present to you our newest whitepaper ‘Culture, Culture, Culture’ — a deep dive that quantifies what matters most to the new fashion and luxury consumer.
It is clear that culture today is not something set in stone, but rather a dynamic built on a day-to-day basis in constant conversation between people, brands, creators and all manner of institutions. In our observation, brands that are able to participate in credibility – those that offer authentic narratives and honest cultural interventions – are the ones who are able to build lasting relationships with this next generation of consumer. It has become clear that successful luxury and fashion brands do not broadcast solely to consumers, but also to the broader culture that surrounds them.
To get a first-hand look at how our generation’s perception of fashion and luxury is evolving, we compared behaviors and responses from ~7,000 traditional luxury consumers and ~1,900 consumers drawn from Highsnobiety’s audience. We also re-pulsed key survey questions to Highsnobiety’s audience post-Covid-19 to ensure the insights held.
In addition, to dive into the mindset and activities of figures on the leading edge of culture and commerce, we also conducted a series of interviews with Cultural Pioneers, industry executives, and experts. Through the findings from our interviews and surveys, brands can gain a greater understanding of the building blocks that make up cultural credibility
Download your copy of “Culture, Culture, Culture: Quantifying What Matters Most to the New Fashion & Luxury Consumer” below.
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