The luxury market and the new generations

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Democratization is a feature that is becoming more and more evident in the high-end market. There are no more geographical, social or other barriers. To be a consumer of luxury, especially taking into account the new concepts of the segment, it is only necessary to have the will and the availability to live new experiences.

Thus, it is not surprising that the younger generations have been conquering a continuously more expressive space in the sector. The so-called millennial generation, for example, accounts for a considerable share of luxury goods purchases worldwide.

According to a report published last week at Infomoney, one of the largest US homebuilders reported that “23 percent of its sales this year were for customers with at least one buyer of up to 35 years. That was a surprise, as the company’s average contract price in the three-month period through July was $ 837,300. Customers aged 20-40 had good reason to wait for the time to buy. They are getting married and having children later and are facing a tight market for homes, where sellers often receive multiple offers. “

This behavior of young Americans, to a greater or lesser extent, has been repeated in many countries. And technology plays a decisive role in this new reality, just remember that many young people have made a fortune by creating products for the technological world, especially the demands generated by the internet.

The democratization of knowledge, in turn, has enabled the emergence of a more informed and demanding generation, and the high-end market has long realized this and is seeking alternatives to conquer these new clients.

Mark Zuckerberg, creator of Facebook and one of the gurus of the new generations of success, once said that “in a world where changes are occurring rapidly, the only strategy that will guarantee failure is not to take risks.” And it is taking this thought into account that the world’s leading brands and brands create new products and solutions for the new generations, without forgetting, of course, the potential of all the others.