The Next Letter Is Z
Robb Report Singapore|September 2023
By 2025, the most influential luxury shoppers in the world could all be below 30. Sincere Fine Watches’ general manager Kate Lim shares her thoughts on the emerging Gen Z consumer base for luxury watch retail.
Natalie Phua
The Next Letter Is Z

AS THE SPENDING power of Gen Z consumers grows, so does their appetite. With deeper pockets, Gen Z consumers are forecasted to represent 70 per cent of luxury spending by 2025, Bain & Company reports. In turn, this demands a shift in mindsets and business models on the part of luxury companies.

For Gen Z consumers who are ready to spend, a singular opulent handbag, for instance, is but a contender within an extensive array of alternatives. Moving beyond the traditional ideals of luxury that revolve around status and flamboyance, the next generation of luxury spenders look to pursue a more progressive set of values that include sustainability, inclusivity and transparency.

Gen Z customers are urging companies to amplify green efforts, propelling systemic change on a broader front, according GWI, a global market research agency. Also occupying a row on the catalogue of sought-after shared values is inclusivity. GWI’s reports indicate that younger consumers want to see themselves reflected in the brands they consume; to feel a sense of relatability.

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Diese Geschichte stammt aus der September 2023-Ausgabe von Robb Report Singapore.

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