What's Happening?
PwC's 'Trends in Luxury Fashion: Consumer Survey 2025' reveals significant shifts in purchasing behavior among Gen Z and Millennials. Secondhand fashion is increasingly popular, with 40% of Gen Z and 28%
of Millennials buying secondhand items. Gen Z shows a strong preference for luxury purchases, with 66% buying clothing and 62% accessories. The survey indicates a growing demand for sustainable and customizable luxury products. Gen Z's deliberate purchasing decisions contrast with Baby Boomers' impulsive buying habits. The survey highlights the importance of personalization, with 39% of Gen Z valuing the ability to customize products.
Why It's Important?
The findings reflect a broader trend towards sustainability and personalization in the luxury market, driven by younger generations. As Gen Z and Millennials prioritize secondhand and customizable products, brands must adapt to meet these demands. This shift could lead to increased investment in sustainable practices and personalized offerings within the luxury sector. The emphasis on informed purchasing decisions suggests a more discerning consumer base, challenging brands to provide transparency and value. Understanding these preferences is crucial for luxury brands aiming to capture the loyalty of Gen Z and Millennial consumers.
What's Next?
Luxury brands may focus on enhancing their sustainability initiatives and offering more personalized products to appeal to Gen Z and Millennials. The growing popularity of secondhand markets could lead to collaborations between luxury brands and resale platforms. As consumer preferences continue to evolve, brands will need to innovate and adapt their strategies to maintain relevance in the competitive luxury market. The emphasis on informed purchasing decisions may also drive brands to improve their storytelling and customer engagement efforts.