Gen Z has ‘more influence’ over luxury market ‘than any generation before’

The chief executive of Walpole believes generation Z is “disproportionately more influential over the entire [luxury] market than any other generation before them”.

Helen Brocklebank made the comment during Aspire’s annual Leaders of Luxury conference, claiming Gen Z was “establishing the forefront of cultural social change”.

Brocklebank acknowledged that mature generations continue to be the primary consumers in the luxury market, with generation X and millennials representing “the bulk of luxury purchases” as they enjoy their “peak earning years”. Millennials in particular have a six to eight times’ higher income than Gen Z, she claimed.

But Brocklebank said Gen Z was key in “inspiring other generations’ value systems and shifting the preference of luxury purchases”.

Urging luxury brands and agents to understand this emerging demographic, she said: “Look at your top customers and the children and younger generations they may be travelling with to find out the behaviours and preferences of Gen Z.

“If you haven’t got your finger on the pulse of what Gen Z want, then it’s going to be more difficult in the long run.”

According to Brocklebank, the primary considerations driving Gen Z are sustainability and diversity, equity, accessibility and inclusion (DEAI), which is “pushing a significant shift towards purposeful purchases”.

The demographic is also interested in a “quest for meaning” and “immersive experiences”.

Brocklebank said: “Gen Z demands more, and they lead on impact and inspiration; millennials want emotional connection; and Gen X demands excellence and aspiration.”

She added: “The modern luxury approach is to work in cultural collaboration and create a sense of meaning, purpose and relevance as well as ignite imagination and the sense of joy luxury brings.”

Brocklebank said brands should aim to create “their own microcosm and culture” rather than striving to appeal to one market.

“What success looks like is working to establish something bigger and more loyal than a customer base, but creating a fan base,” she said.