Young consumers today have a shifting definition of luxury, and luxury brands are facing an uphill battle with these young consumers, who don’t automatically think a high-end heritage brand is cool because it has a high price tag and often value travel and experiences over costly jewelry, shoes, and bags.
Conspicuous consumption is also less appealing to the young people who came of age during the Great Recession: according our recent monthly survey, 81% of 13-34-year-olds agree “Showing off expensive things you have bought on social media is not cool.”
But last year, more luxury brands began to make changes to products and marketing to focus in on Millennials and Gen Z. Some are turning to new influencers to form relationships with Millennials and Gen Z before they become the core luxury demographic, while others are embracing accessibility or technology to appeal. And while young consumers might not value luxury brands in the same way previous generations did, they’re not necessarily averse to them: 46% say they will feel successful in life when they are able to afford luxury brands and products. To see which luxury brands they actually want, we asked 1,000 13-34-year-olds, “What is the luxury brand you most want to own?” Here are the 10 that were mentioned the most:
What Is the Luxury Brand They Most Want to Own?
- Michael Kors
- Louis Vuitton
As with so many things, Apple ranks at the top of the list of luxury brands that they would want to own most. “Quality,” “love,” “best,” “technology,” and “design” were all words frequently used in the reasons they picked Apple. One 18-year-old female told us, “They make great, beautiful products,” and a 24-year-old male said of the brand, “high quality technology, premium aesthetic, and simple design.” It’s no surprise this top-tech brand ranks above all on the list—of the 55% of 13-34-year-olds who have purchased a luxury product, 23% say it was a tech item, more than any other category.