Millennials and Gen-Zs are now more likely to embrace luxury than their elders

Faced with these ever-younger consumers, luxury brands should not neglect their presence. Photo: AFP

We knew that Generations Y and Z had become prime targets for the major luxury labels, but a study reveals that even more than the older generations, buyers from these generations have taken a major turn towards purchasing luxury items in the past year.

And these younger consumers bring new expectations to these brands, especially in terms of new technologies and sustainability.