Millennials were the leading customer groups of personal luxury goods, accounting for almost half of all luxury goods spending worldwide. Born between 1961 and 1996, Millennials, or Gen Y, also represents the second-largest group with the highest disposable income in the United States.
How do Millennials and Gen Z engage with luxury goods and services?
With their increasing share in employment and wealth creation, younger generations play an increasingly important role across consumer industries worldwide. As digitally savvy generations, they not only use online channels to make purchases, but also research, follow, and get inspiration for new styles and brands. According to the results of a recent survey, luxury consumers aged between 19 and 41 were more keen on engaging with brands on social media, such as following an influencer or sending private messages to brands.
State of the personal goods industry
Worldwide, the personal luxury goods market remains relevant after bouncing back from the economic downturn of 2020. Based on Statista’s Consumer Market Insights, the personal luxury goods market was worth over 350 billion U.S. dollars in 2023. The country spearheading the luxury goods revenue was the United States. U.S. consumers were also the main customers of the luxury goods industry, as one-third of the market revenue came from American nationals making luxury goods purchases.
