In The RealReal’s 2021 Luxury Resale report, Gen Z was the demographic with the largest buyer and consignor growth at 33% and 86% year-over-year, respectively. Eyeing the opportunity, luxury brands are increasingly seeking the favor of Gen Z consumers, a demographic they’ve historically ignored.
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Which brands are targeting Gen Z?
Along with Square and Whirlpool, the top five also included cosmetics brand Urban Decay, Old Spice and Electronic Arts. Conducted quarterly, the poll ranks brands by how much their equity has changed with Gen Z—that is, how much this generation’s perception of these brands is changing from quarter to quarter.
How are brands reaching Gen Z?
Brands including Aerie, Dick’s Sporting Goods and Doritos are leveraging the visual power of social media platforms like TikTok, Instagram and YouTube to attract Gen Z consumers with messages that showcase diversity, individuality and authenticity.
What generation buys the most luxury goods?
Gen Z
In the past 12 months, Gen Z (60%) and millennial (63%) luxury purchases have outpaced spending by Gen X (46%) and baby boomer (18%) shoppers, according to a new report from Klarna.
Does Gen Z like Gucci?
In fact, 57% of Gen Z reports that they have never purchased a luxury product, and not being able to afford it is the top reason. So, how are higher priced, conventionally exclusive brands supposed to win young fans? Gucci might be writing the playbook.
Why brands should target Gen Z?
Plus, Generation Z is the most racially and ethnically diverse age group in the US. This means that brands who openly support social causes, and follow that stance with action, are well-situated to appeal to Gen Zers.
Do Gen Z care about brands?
Gen Z is a skeptical group and they want to trust the brands they buy from. They expect their favorite brands to stand for the values they believe in. They don’t expect your brand to champion every cause.
What does Gen Z expect from brands?
Gen Zs are comfortable taking on a more passive role and are happy for brands to become the creators, but content should serve to highlight a brand’s values. Young people expect there to be an affinity with their own set of values. Instagram Stories and Reels are natural homes for this kind of content.
What is Gen Z most interested in?
According to a 2021 Consumer Culture Report by 5WPR, Gen Z is prioritizing electronics and technology along with health and wellness. Conversely, Millennials and those from older generations prioritize travel and experiences, home goods, and furniture.
What luxury brands does Gen Z like?
Brands attempting to woo younger consumers is nothing new. Luxury brands like Gucci, Saint Laurent and Louis Vuitton, have previously utilized social media — particularly Instagram — to attract millennials the same way they’re doing now with Gen Z.
Why do Millennials buy luxury brands?
Nearly six out of ten respondents (59%) say that their luxury purchases are more sustainable, and more than four out of ten consider that it even offers long-term savings because of the quality of the products, with Gen Z in particular having a “buy-less buy-better mindset.”
Why do Millennials buy luxury?
Millennials have moral and ethical values that they expect to be catered to by luxury brands. Luxury brands need these values ingrained into the culture of their corporation to have the integrity that millennials expect.
Does Louis Vuitton work with influencers?
With all the collaborations with social media influencers, Louis Vuitton has successfully taken over TikTok and other social platforms with influencers modeling for their campaigns.
Are luxury brands using TikTok?
Luxury brands can engage directly with their users through their own TikTok brand accounts. Some of the leading luxury brands to do so include Gucci, Louis Vuitton, Burberry and Alice + Olivia. Brands can create content around: Backstage videos generate a lot of curiosity among users because of their exclusive nature.
Is Gucci still popular 2022?
Gucci is the most popular luxury brand online in 2022. Italian luxury fashion house Gucci takes the top spot on the 2022 edition of our list of the most popular luxury brands online five years in a row—asserting its position as a leading luxury fashion authority.
What is the best way to target Gen Z?
13 Ways to Target Generation Z
- Understand who Gen Z are.
- Create engaging content – not advertisements.
- Jump on their love for influencers.
- Get them involved too.
- Make your content interactive.
- Don’t make it too wordy.
- Get to the point early.
- Understand that it has to work first time.
What Generation Z Millennials expect from a brand?
They prioritize authenticity and want to feel a connection to brands and influencers that enrich their lives. While Millennials have a short attention span, according to Forbes, Gen Z is four seconds shorter on average.
Who does Gen Z trust the most?
They Trust Experts—Gen Z trusts experts including doctors (77 percent), scientists (75 percent), and educators (74 percent) above all, while trusting less the traditional authority figures of CEOs (50 percent), Government leaders (47 percent) and traditional celebrities (50 percent).
Are Gen Z less brand loyal?
Given what we know about Gen Zers and their digital demands, it comes as no surprise that they’re much more likely to switch brands. Sixty percent of Gen Zers said their brand loyalty has changed since the start of the pandemic, per a March 2021 Arlington Research poll for PFS. Among boomers, that figure was just 20%.
How does Gen Z build brand loyalty?
To attract this generation and build loyalty, brands must provide opportunities for engagement and co-creation. Most important, they must provide quality products and services and be clear about what they stand for in the marketplace and beyond. Brands must demonstrate they are trustworthy as well as relevant.
What do Gen Z consumers want?
Gen Z consumers are more likely to buy sustainable, high-quality, products. 73% of Generation Z consumers are willing to pay 10% more for sustainable products, according to a report from First Insight. They value personalised products and are often drawn to brands that share their point of view on political issues.