Lars Rensing CEO of enterprise blockchain andWeb3 solutions provider Protokol How Luxury Brands are Adapting to the Challenge of Younger Audiences Although Millennials and Gen Z have had their differences, they have one major thing in common for the luxury industry – they are both making up more and more of luxury brands’ customer bases. Millennials are expected to make up to 50% of the whole luxury market by 2025, and from February 2021 to February 2022, Gen Z and Millennial luxury purchases made up 60% and 63% of the total luxury market sales respectively. As younger generations embed themselves into the luxury markets, they present a new set of challenges to the industry. As digital natives, they expect intuitive and modern online experiences. Not only this, but they also value authenticity and integrity in the brands they choose. Sustainability, in particular, cannot be an afterthought; it must be honest, transparent and backed by action. To continue growing and take advantage of the opportunities these generations present, luxury brands must know how to connect with them and meet them in the mediums they are already using.
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