Recent data from Tink, the financial services and open banking platform, has shown that Gen Z and millennial consumers are spearheading a trend towards “accessible luxury,” placing a premium on quality, sustainability and safe, easy buying experiences.
The study, which was carried out by Censuswide in the UK, reveals that Gen Z and millennial consumers, who buy the most luxury goods, are growing more selective in their choices, especially for luxury fashion. Approximately 73 per cent of millennials and 64 per cent of Gen Z respondents said they would like to spend more money on long-lasting, high-quality purchases.
Since most Gen Zers (63 per cent) and millennials (62 per cent) believe they are prepared to pay more for products created ethically, sustainability also plays a significant role in decision-making.
Three-quarters of Gen Z and millennials are willing to pay more for a brand’s reputation, indicating the importance of trust in their purchasing decisions. Sixty-two per cent of Gen Z and 68 per cent of millennials believe that luxury is about the buying experience as much as the product itself.
Lucy Grant, the commercial strategy director at Tink, highlighted that for merchants aiming to stay competitive in the high-ticket and luxury market, it is crucial to understand the changing preferences of Gen Z and millennial shoppers.
