Luxebook August 2023

The luxury market is experiencing fundamental transformation as a result of the advent of a new customer group — none other than the Gen Z. Not limited to their language, subculture, particular interests, and tech readiness, Gen Zers are revolutionising the very core of the luxury market. The influence of Gen Z on the luxury sector as more of them enter the high networth segment cannot be understated. They’re known for their commitment to sustainability, digital presence, affinity for authenticity and personalization, and preference for accessible luxury experiences. To fulfil the progressive requirements and ideals of this powerful generation, new, emerging and current luxury companies have had to adapt and change. Luxury firms have been striving to develop lasting relationships with Gen Z consumers and prosper in the fast shifting luxury market by utilising the power of digital platforms, providing personalised experiences, and exploring creative business models. Gen Z is leading the way into a new age of luxury consumption, and the luxury market must follow pace in order to survive. Gen Z is revolutionizing the market, and the luxury industry is at the forefront of this change. From Fashion to Jewellery Here’s how luxury brands are appealing to Gen Z shoppers BY SCHENELLE DSOUZA 20|LUXEBOOK|AUGUST 2023 AUGUST 2023 |LUXEBOOK|21 NEW PERSPECTIVE