Luxury marketing trends in 2024: Aspiration’s next chapter is fan-based

Monica del Rio

The luxury industry is facing a youth-led uprising driven by a seismic demographic shift. These are the key trends to watch for in 2024.

The luxury industry is facing a youth-led uprising driven by a seismic demographic shift. Gone are the days when premium spending was reserved for those over fifty; today’s twenty-somethings and younger are taking over.

The youngest cohort of luxury consumers to date

Millennials and Gen Z have rapidly assumed their rightful place as shapers of emerging luxury – so much so that in 2022, together they accounted for nearly all of luxury market growth, marking a trend towards precocious premium spending that is only becoming more pronounced with time, according to a recent report by Bain & Company....

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