Iqbal increased consumers Young people have been on handbags and other luxury goods since the age of fifteen.
Generation consumers are accepted "z"to buy luxury goods, especially handbags, as well as shoes, watches, jewelry, clothes and luxury beauty products, since the age of fifteen, five years younger than the generation that preceded them.
The United States regained first place in sales of luxury goods in 2022, overtaking China, which was affected by the closures.
Europe also witnessed strong growth, boosted by higher spending by US tourists on luxury goods in Europe during the summer, with the decline in the euro-dollar exchange rate.
the reasons:
- Wealth increase.
- Influenced by social media platforms.
- Ease of purchasing online.
Analysts and executives in luxury goods companies attributed this trend to the increase in the wealth of this category over the past few years, in addition to the influence of young people on the products they see on social media platforms, as well as the ease of purchasing them online.
Younger generations may account for a third of the luxury market by 2030
The company expects that younger generations will account for a third of the luxury market through 2030 and that Web 3.0, including metaverse technology, will contribute to increasing sales of the luxury sector to younger consumers.
On the other hand, some experts believed that consumers may direct their budget to travel more instead of buying luxury goods, with the turning of the Corona pandemic page.
And the psychological consultant, Dr. Rima Bejjani, said in her interview with Sky News Arabia:
- Popular content on social media platforms increases the demand for luxury goods, especially among young people.
- There are people in the prime of life, in the process of shaping their awareness and personality, who find themselves under the weight of influence from the outside, in order to push them to buy and consume in a certain way.
- When a person in his prime focuses on these consumer habits, he tends to delve into the future and is fond of appearances and boasting.
- Personality is damaged when an individual makes a great and exhausting effort to imitate others.
- This appetite for consumption and the purchase of luxury goods raises a discussion regarding identity, that is, the identity of the individual, and then the identity of the community, because whoever dresses in a certain way broadcasts an image around him, while he is also affected by those around him.
- The person who needs these luxurious and expensive brands tends to search for quick profit so that he can keep up with his consumption habits, which may lead to neglecting his studies or other things that build his future carefully.
The new report on the purchase of luxury goods was issued by the American company “Bain & Co”.
The report revealed that Generation Y, also known as MillennialsGeneration Z, which follows the millennium, has been behind the growth of Market luxury products last year.
Iqbal increased consumers Young people have been on handbags and other luxury goods since the age of fifteen.
Consumers of the “z” generation have been buying luxury goods, especially handbags, as well as shoes, watches, jewelry, clothes and luxury beauty products, since the age of fifteen, five years younger than the generation that preceded them.
The United States regained first place in sales of luxury goods in 2022, overtaking China, which was affected by the closures.
Europe also witnessed strong growth, boosted by higher spending by US tourists on luxury goods in Europe during the summer, with the decline in the euro-dollar exchange rate.
the reasons:
- Wealth increase.
- Influenced by social media platforms.
- Ease of purchasing online.
Analysts and executives in luxury goods companies attributed this trend to the increase in the wealth of this category over the past few years, in addition to the influence of young people on the products they see on social media platforms, as well as the ease of purchasing them online.
Younger generations may account for a third of the luxury market by 2030
The company expects that younger generations will account for a third of the luxury market through 2030 and that Web 3.0, including metaverse technology, will contribute to increasing sales of the luxury sector to younger consumers.
On the other hand, some experts believed that consumers may direct their budget to travel more instead of buying luxury goods, with the turning of the Corona pandemic page.
And the psychological consultant, Dr. Rima Bejjani, said in her interview with Sky News Arabia:
- Popular content on social media platforms increases the demand for luxury goods, especially among young people.
- There are people in the prime of life, in the process of shaping their awareness and personality, who find themselves under the weight of influence from the outside, in order to push them to buy and consume in a certain way.
- When a person in his prime focuses on these consumer habits, he tends to delve into the future and is fond of appearances and boasting.
- Personality is damaged when an individual makes a great and exhausting effort to imitate others.
- This appetite for consumption and the purchase of luxury goods raises a discussion regarding identity, that is, the identity of the individual, and then the identity of the community, because whoever dresses in a certain way broadcasts an image around him, while he is also affected by those around him.
- The person who needs these luxurious and expensive brands tends to search for quick profit so that he can keep up with his consumption habits, which may lead to neglecting his studies or other things that build his future carefully.
