Millennial and Gen Z consumers identify prestigious brands, product quality, distinctiveness and timeless style as the most significant purchasing factors when buying luxury items, the report found. Study respondents said that while they appreciate luxury brands, they also do their research before making any decisions. The study found that nearly three-quarters of the younger demographic planned out their favorite luxury purchase in advance and knew where they wanted to purchase it.
“The multi-platform shopping experience has become as important in the luxury market as it is for retail in general,” says Marshal Cohen, chief industry advisor, The NPD Group. “The luxury shopping experience is no longer an ultra-exclusive one; it’s now about experiencing the options and brands through mobile apps and inviting in-store environments.”