Generation Z, those born between 1997 and 2010, is becoming a major force in luxury spending, projected to contribute significantly by 2030. Unlike millennials, who are seen as digital migrants, Gen Z are digital natives, having grown up with technology and social media. A survey indicated that this demographic spends a substantial portion of their free time online, especially on platforms like Snapchat. To appeal to Gen Z, luxury brands must adjust their approaches, focusing on experiences and emotional engagement, understanding their unique, non-linear decision-making processes.
The linear marketing funnel has become almost obsolete in the face of Gen Z's complex decision-making journey, heavily influenced by their digital interaction and social media presence.
Gen Z's estimated spending in the US will reach $360 billion, accounting for 25 to 30 percent of luxury purchases by 2030, as they achieve financial independence.
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