Millennials and Gen Z are now more to embrace luxury products

[Eden Loomis]

In the previous year, Gen Zers (63%) and millennials (63%) spent more money on luxury goods than their older counterparts (45% Gen Xers and 25% Baby Boomers), according to the most recent study from financial services provider Klarna.
From social networks to metaverse
Faced with customers who are getting younger, luxury brands shouldn't forget about their social media presence either. More than eight out of ten Gen Z consumers (83%) and almost two-thirds of Millennials say they follow luxury brands on social networks. And almost as many, 75% and 63%, say they have bought something after seeing it on a social network. YouTube and TikTok are the most popular sites for this.
Even the rush of big fashion houses into the metaverse probably won't change this. More than six out of ten people who have heard of the metaverse say they want to buy luxury goods through this new channel. In general, consumers are becoming more interested in new technologies, such as virtual fitting rooms that let them try on clothes without leaving their couch (22%).
For me, it has 2 sides. What is your thought about this issue?

[Mometaskers]

Didn't knew it was THAT high but then again I wasn't surprised that much. It's like the whole "debate" around avocado toast. Many older generations are criticizing millennials for a somewhat expensive treat and they in turn retort that they deserve to to be treated every now and then.

Many complain about not being able to have a stable career, not being able to buy their own house, etc to I think the increased purchases of luxuries go with this. "I really can't afford to invest my money on X coz it's so expensive, why be too stingy on myself, I can afford Y and I'll just buy that".

[jrrsparkles]

Ofcourse yes, that is the reason there is no wonder how much they get paid they still unable to save enough for their next few months survival and get rekt when they're fired from their job suddenly for unexpected reasons.

Everyone wanted to look rich to impress others because that is how the society conditioning them, if there are exceptions then you can be a better person and have a chance to be at the top 10% of people.

[merchantofzeny]

It's likely the instant gratification attitudes and all those acronym feelings like FOMO, YOLO, etc. People live in the moment, trying to get whatever happiness they can get. And I don't blame them, with the state of the economy and the society today.

[OgNasty]

They're playing into the commercialization perfectly.  Once Gen Z are done spending all mommy and daddy's money, they'll find themselves enslaved with debt and unable to own anything, but I'm told they'll be happy about it.

Resist the need to blow money on stupid overpriced things you don't need.  $200 shoes, $500 purses, etc...  If you care about your future, your biggest expense should be investments.  If you spend more money on clothes than you do saving for retirement, you will be eating crickets at 65 years old.

[amishmanish]

I think a lot of this is due to social conditioning also. Gen Z has been bought up in such social conditions where ownership of luxuries is symbol of one's success. It's all around us. I see people spending money or really costly watches, because they saw it in some bond movie or something. Such inimical behaviour has become normal these days.. it was not the case with old generations who were more grounded in their thoughts and actions.

[Gyfts]

and almost two-thirds of Millennials say they follow luxury brands on social networks. And almost as many, 75% and 63%, say they have bought something after seeing it on a social network. YouTube and TikTok are the most popular sites for this.
Even the rush of big fashion houses into the metaverse probably won't change this. More than six out of ten people who have heard of the metaverse say they want to buy luxury goods through this new channel.

This is the explanation, social media. It's become a malignant tumor that's inflicting irreparable damage on society. From polarization to hyperconsumerism to privacy invasion, it doesn't really end.

Just an observation, it seems the loudest group against capitalism also seem to be the group that spends the most money on luxurious items. You'd think a group of angry socialists wouldn't be so attached to materialistic items of wealth.

[yazher]

It's likely the instant gratification attitudes and all those acronym feelings like FOMO, YOLO, etc. People live in the moment, trying to get whatever happiness they can get. And I don't blame them, with the state of the economy and the society today.

They want to be praised that's why when we look at the Youtube channels where they make pranks inside a university, most of the students have some trend gadgets and other things though you clearly see not all of them can afford it just like that. It must be that if you have cheap things, you won't get satisfied because of how others might treat you. the right thing to do nowadays is to train yourself not to get affected by whatever others say about you because they don't really understand how hard you're going through and the real life you have. You need to understand no matter how many compliments you get it won't gonna change your life.