An important group of young consumers is increasing its purchasing power. As this cohort spreads its wings in the marketplace, a growing number of Gen Zers and Millennials are exploring luxury and buying high-end goods… and this trend is not going to fade!
According to our data “Luxury” among young consumers is predicted to steadily grow +10% in the next 6 months. This significant growth means that brands, particularly premium labels, will need to rethink their value propositions and operating models in order to incorporate greener core values, boost shopping experiences with tech tools, and explore new forms of product and service accessibility.
Let’s deep dive into the article to discover how luxury brands from different industries are evolving to break through to Gen Z and Millennials’ hearts.
Conversations about “Luxury” among GenZers and Millennials are predicted to grow + 10% in the next 6 months
Luxury beauty embrace spiritual mysticism
According to recent researches and Nextatlas Data, young people are looking for ways to raise their spirit.
With mystical, soul-healing wellness continuing to be a key trend in the beauty and wellness space among young consumers, bouquets with a spiritual nod are picking up steam. Non-conventional spiritual practices, from astrology to mysticism, are highly attractive paths to self affirmation in a chaotic wold-scenario for Millennials and GenZers, who value their distinctness.
"Luxury" in Prestige Cosmetics & Fragrances among Young Spirituals increased +71% in Q3 2022 over Q3 2021
The luxury player Vyrao creates scents that fuse energetic healing with master perfumery. Each fragrance is formulated to channel positive emotions and contains an energetically charged crystal. The online brand shrewdly sends a matching tester with each full-size bottle to sample before commitment, acknowledging the difficulty in discovery with e-tail fragrance experiences.
Luxurious dining is a gourmet experience
From Nextatlas Data, it’s clear younger generations (Gen Z and Millennials) are interested in a kind of food experience that orbits around the idea of “gourmet”.
Nextatlas' emerging keywords from online conversations among Young Foodies and Luxury Lovers
Since 2020, the community of young foodies has grown and, over the last years, developed an unprecedented interest in the topic of gourmet food experience.
Thanks to the continuous increase in popularity, the timeline’s prediction is extremely positive.
Conversations about “Gourmet Food” among GenZers and Millennials are predicted to grow + 19% in the next 6 months
After the pandemic-years of home cooking and eating more casually, people are ready to incorporate gourmet experiences into their own kitchen. Naksha is a recipe-kit company that allows food lovers to create dishes designed by Michelin-starred chefs right in their home kitchen. The Singapore collection is their latest release, created with the Singaporean Haikal Johari, in association with the country's tourist commission. The kit contains detailed instructions and selected ingredients.
Luxury in fashion never give up with sustainability
Younger generations can’t ignore sustainability even when they talk about Luxury, even more so when the focus is on the fashion industry. Stemming from the growing awareness of fast fashion’s environmental impact, younger consumers are moving to more conscious, ethical choices without any compromise on design.
Nextatlas' Trend on Fashion Sustainability "Durable and Profitable" is predicted to grow +3% in the next 6 months
Prada was a pioneer on embracing sustainability with a conscious choice on material. In 2020, the Italian luxury brand dropped a sustainable collection repurposing its nylon accessories line from the 90s, updated with a recycled fabric called Re-Nylon.
Another way for brands to embrace sustainability are re-sell programs. Today's Balenciaga’s commitment to become fully sustainable involves several initiatives, from investing funds into carbon removal projects to sponsoring agroforestry projects across the world. The brand is now embracing the increasing popularity of the secondhand market introducing its own Re-Sell Program.
Discover The Next Thriving Online Communities
Nextatlas AI and Foresight expertise help you identify the next key online communities before your competitors. Explore our new solution!
Trend lines, data, and information described in this article emerge from the ongoing analysis performed by Nextatlas on its global observation pool made of innovators, early adopters, industry insiders expressing their views on Twitter, Instagram, and Reddit.
To learn more about our AI, discover Nextatlas Methodology here