Why are Generations Y, Z and Alpha the biggest buyers of luxury goods?

Due to generations Y, Z and Alpha, the consumer base of the luxury market will reach 500 million by 2030. Being the generations that consume the most luxury items, by the year 2030, accounting for at least 80% of global purchases.

Why are Generations Y, Z and Alpha the biggest buyers of luxury goods?

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So that everyone understands, those called Generation Y are the millennials, born between 1980 and 1994, while Generation Z refers to those born between 1995 and 2009. Those born after 2010 are part of Generation Alpha.

It won't just be millennials who will be the biggest spenders, as millennials and alpha must grow three times faster than other generations by 2030, thus occupying a third of the market for Lux.

This is due to the generation's "precocious attitude towards luxury", says the report of the bain & company, published on January 17. These changing trends have already become noticeable.

In an account by Nidhi Pandurangi, of the Insider, taken in December, he said that a large number of young Americans between the ages of 18 and 29 are choosing to continue living with parents, which is possibly what is freeing up income for spending luxurious.

Dan Latu and Kelsey Neubauer analyzed the consumption habits of young people. They spoke to 20-somethings who live at home and splash money on cars, clubs and designer handbags.

This behavior, by all indications, may be the result of the booming luxury resale market, where Generations Y, Z and Alpha are treating luxury goods as big investments.

Why do luxury goods become a good investment?

An example of why luxury items are great investments is the Chanel Medium bag. Classic Flap, which sold for an average of $3,900 in 2011, based on data compiled by Nasdaq. A decade later, it went to an average of $7,800. A purse purchased in 2011 could yield a 200% return on investment in 2021.

This shows that luxury items are not just an investment related to fashion to satisfy one's desires, but rather have a high potential for very profitable financial investments.

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