ESCP Europe

Item type

Periodical

Language

English

Source

Fortune.com. 5/13/2023, pN.PAG-N.PAG. 1p.

Publication date

13/05/2023

The article discusses the transformation of the luxury market in response to the increasing influence and spending power of Gen Z and Millennials, who are expected to account for 70% of luxury spending by 2025. Luxury brands are shifting their focus from traditional values like status and prestige to new priorities such as inclusivity, sustainability, and transparency. This evolution is evident in unexpected collaborations, such as Tiffany & Co's partnership with Nike and eBay's Luxury Exchange pop-up, which highlights the growing demand for pre-owned luxury goods. Additionally, brands are leveraging technology, including blockchain, to enhance product authenticity and engage younger consumers through virtual experiences. [Extracted from the article]