Luxury brands forgot about Gen Z. They can't afford to make that mistake again. [Business Insider]
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Source: Business Insider
Experts say they must now focus on accessible products and creative partnerships to win over these shoppers. The first people to shop at Hermès are long gone, as are those at Louis Vuitton and Prada. Yet, the brands still exist because their ultimate goal is to continuously train new generations to fall in love with luxury. But now it appears that some luxury brands have forgotten that aim. After the pandemic, luxury players took their eye off the ball with Gen Z , a generation Bain & Company estimates could account for nearly a third of all luxury purchases by 2030. Industry experts say brands took advantage of inflation by hiking prices and heavily focused on their wealthiest clients with VIP experiences, essentially putting aspirational consumers on the back burner. Two years later, this strategy seems to have backfired, shrinking the luxury customer base by 50 million, Bain reports in its 2024 luxury study, published Wednesday. "There's been a kind of a refocusing, prob
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