The luxury market, like so many other industries, took a hit in the wake of the COVID-19 pandemic. Now, as the industry begins to recover, a new roadmap is emerging for luxury brands and consumers.
Why it matters
Gen Z and Millennials are set to represent more than 60% of the luxury market by 2025, according to Boston Consulting Group. Wunderman Thompson Intelligence says this demographic shift will require luxury brands to rethink their strategies to connect with younger buyers.