In the aftermath of the Coronavirus pandemic, 3 in 10 consumers that delayed luxury purchases will seek out flexible payment options for their luxury purchases.
Millennials and the Luxury Market
According to a survey by Bain & Co in February 2020, 40% of global luxury spending comes from millennials and Gen Z consumers. These consumers are also driving 100% of the growth in luxury markets.
Most millennials (60%) have cut back on spending during the Coronavirus pandemic. For millennials that can afford to do so, they are still making luxury purchases during the Coronavirus pandemic in order to seek comfort.
Younger luxury consumers want to see luxury brands take action during the pandemic, especially when it comes to keeping employees safe.
Recent surveys have found that Gen Z consumers have been the least deterred in purchasing luxury products during the Coronavirus, with 50% stating that they are "not hesitating when considering luxury goods purchases."
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