Millennial and Generation Z consumers are increasingly embracing luxury goods, a recent NPD report has said.
The average luxury consumer in this demographic owns nine luxury fashion items across accessories, apparel, and footwear, according to A Millennial Approach to Luxury, a recent report from The NPD Group and Stylitics.
The report goes on to outline how the younger consumer also favors the convenience and extensive browsing ability afforded to them by online shopping, but also appreciates the luxury in-store experience.
Marshal Cohen, chief industry advisor at the NPD Group, said: “The value of a luxury product is not lost on Millennials and Gen Z, just the opposite. The younger luxury consumer demands the quality and cache expected from luxury items, but they also expect the shopping variety that allows them to find something unique.”
Millennial and Gen Z luxury consumers identify highly coveted or prestigious brands, product quality, distinctiveness, and timeless style as their top personal criteria when making a luxury purchase decision.
More than half of Millennial and Gen Z luxury consumers prefer to shop mostly or only online, but more than a third prefer in-store luxury shopping.
In-store browsing influenced more shoppers in their latest luxury purchase than any other factor, including needs around a personal event or occasion.
Cohen concluded: “The multi-platform shopping experience has become as important in the luxury market as it is for retail in general. The luxury shopping experience is no longer an ultra-exclusive one, it’s now about experiencing the options and brands through mobile apps and inviting in-store environments.”