ON MODERN LUXURY
AS EXTROVERT
AS INTROVERT
AS VOX MEDIA
ON MODERN LUXURY
AS EXTROVERT
AS INTROVERT
AS VOX MEDIA
mod
ERN
LUX
URY
MODERN LUXURY
MODERN LUXURY
AS EXTROVERT
AS INTROVERT
FOOTER LINE
MODERN LUXURY
MODERN LUXURY
AS EXTROVERT
AS INTROVERT
FOOTER LINE
MODERN LUXURY
MODERN LUXURY
AS EXTROVERT
AS INTROVERT
FOOTER LINE
of Gen Z stateS their motivation for owning luxury is its ability to make them feel accepted
29%
of Gen Z reportS that owning luxury makes them feel accomplished
56%
believe that owning luxury products helps elevate who they are to other people
54%
believe luxury products are a badge of honor that they use to show people their success
59%
The Motivation
Gap
To Generation Z, the motivation behind purchasing luxury — is what it says about them.
ext
rov
ert
LUXURY
ELUDES EVEN
THE MOST
INSIGHTFUL OF
CULTURAL
OBSERVERS
AND A CLEAR
DIVIDE BETWEEN
GENERATIONS.
GEN X IS LEADING THE CHARGE ON:
It’s inherently subjective, with a meaning that fluctuates dramatically from individual to individual. It’s delicate, living only in the context of its own reputation and beholder. Almost always, it artfully evades definition.
But, as an authority that speaks to consumers across luxury in all of its manifestations — fashion, beauty, lifestyle, and beyond — we let our curiosity, and our access, prevail, setting out on a mission to find out exactly what "luxury" means to consumers today.
The results? The discovery of two very different sides of the luxury coin. A battle between self and sense; personal indulgence and perception; the outward and the inward.
Of the three generations surveyed, Gen Z is the only generation to report spending more on luxury in the past two years.
They flirt with labels — but they're not ready or willing to commit, with one in five saying they're not yet loyal to a specific brand (versus 42 percent of Millennials citing loyalty).
For the generation that was raised online, the public stage on which they live their lives has shaped them into consumers who prioritize public perception over personal gratification.
A SPIKE IN SPONTANEITY
Where three in four of all consumers reported making spontaneous luxury purchases, Gen Z was the most likely to pull the trigger quickly. That’s likely due to their exposure to economic unrest, a fluctuating job market, and the behaviors of the shopping platforms they frequent most — leading them down the purchase funnel much faster than the generations before them.
GENERATION GENEROUS
Because of their obsession with the high-value message luxury sends, Gen Z is more likely than any other generation to give luxury products and experiences as gifts. They don’t discriminate, citing parents, siblings, friends, grandparents, and even random family members as the people to whom they have gifted (and plan to gift) luxury.
While most have yet to reach the financial status needed to unlock bigger ticket luxury purchases (like homes, cars, and travel), the power of perception has them eager to dip their toes into the luxury game as early as possible (chiefly through smaller purchases and gifts), making them the youngest generation to ever join the luxury consumer market.
At just 37 percent, Gen Z is the least likely generation to categorize luxury as an "indulgence."
ALL THE WORLD IS A STAGE
COMMITTING TO THE BIT — EARLY
While 60 percent of Gen Z believes social media distorts what’s happening in culture…
Our Diagnosis Extrovert
INT
rov
ert
As the generation that made self care go “mainstream,” Millennials continue to lean in by allowing themselves to spend more on products and experiences that they believe aid their personal growth — be it mental or physical.
PRIORITY "I"
As a consumer's financial status naturally shifts with age, so do their priorities — moving away from frequent spontaneous purchases, and into investment decisions that build their luxury portfolio and their financial future. As a result, their brand loyalties are now coming from a place of self-satisfaction, self-investment, and curation.
TREASURING THE TIMELESS
CHILDREN OF THE (SELF) CARE
LUXURY AS A LIFESTYLE
As we mature, we prioritize quality over quantity. Millennials and Gen Xers are resoundingly more likely to invest in luxury products possessing true staying power. This weighted importance on craftsmanship is all in pursuit of the timeless and sustainable.
In general, older generations view luxury holistically, knowing that one product does not conjure an entire "lifestyle." They’re more intentional about integrating luxury across all aspects of their life — from experiences to events, from beauty products to retail, from their travels to their cars.
Our Diagnosis Introvert
64 percent of Millennials + 66 percent of Gen X say they’re motivated to buy luxury products to treat themselves.
54 percent of Millennials + 54 percent of Gen X describe luxury as a true "indulgence."
of Millennials report purchasing luxury because they know the value will appreciate over time
68%
OF MILLENNIALS BELIEVE LUXURY IS ABOUT PUTTING YOURSELF AND YOUR OWN WELL-BEING FIRST
82%
of Millennials derive feelings of self-satisfaction from the purchase of a luxury product
54%
To Millennials and Gen X, the motivation behind purchasing luxury — is a self-service.
Quiet luxury — with a majority reporting to prefer timeless, simple pieces over anything trendy.
Luxury as self care — citing it as the ultimate investment in themselves from which to derive personal pleasure.
AS A CONCEPT
METHODOLOGY:
This study was commissioned and produced by Vox Media, in partnership with Woo Brand Research. The results were informed by an online survey of 2,000 luxury consumers, defined as US-based adults between the ages of 18-65. Editorial insights and trends spotted by Vox Creative and all 18 Vox Media editorial networks informed the direction of the study, with a focus on The Cut, The Strategist, New York Magazine, Intelligencer, Eater, Thrillist and Vox.
HIGH-END,
HIGH-SPEND
AUDIENCE
CONTACT:
Nicole Siegel,
Head of Industry, Fashion & Luxury
nicole.siegel@voxmedia.com
CREDITS:
Devin Cirillo, Colleen Lennon, Julia Goorin, Casey McCormick, Cassandra Jennings
WITH SPECIAL THANKS TO:
Marissa Dickson, Becky Joy, Edwin Wong, Nick Gurruchaga, Anna Perez, Hailey Ryan, Stephanie Nguyen
Fluent in the Language of Luxury
FROM THE BRANDS
REACHING A
Tap into an audience with unmatched purchasing power: four trillion dollars rich.
PRESENTED BY VOX CREATIVE
Source: Comscore June ‘24; Vox Media Luxury Survey Q1 ‘24
Cross-Category Affluents
More likely to have an HHI above $200K
Guaranteed Splurgers
More likely to have shopped for every type of luxury product and to have stayed at five-star hotels
Lifestyle Investors
2x more likely to plan on spending more on luxury than they have in past years
Spontaneous Spenders
2x more likely to make spontaneous luxury purchases
60% more likely to purchase luxury travel spontaneously
Our Diagnosis
AS EXTROVERT
AS EXTROVERT
AS
INTROVERT
AS
INTROVERT
AS
VOX MEDIA
LUXURY
ELUDES EVEN
THE MOST
INSIGHTFUL OF
CULTURAL
OBSERVERS
AND A CLEAR
DIVIDE BETWEEN
GENERATIONS.
AS A CONCEPT
It’s inherently subjective, with a definition that fluctuates dramatically from individual to individual. It’s delicate, living only in the context of its own reputation and beholder. And it almost always artfully
evades definition.
But, as an authority that speaks consumers across luxury in all of its manifestations — fashion, beauty, lifestyle, and beyond — we let our curiosity, and our access prevail, setting out on a mission to find out exactly what the word ‘luxury’ means to
consumers today.
The results? The discovery of two very different sides
of the luxury coin. A battle between self, and sense; personal indulgence and perception; the outward,
and the inward.
The
Motivation
Gap
mod
ERN
PRESENTED BY VOX CREATIVE
LUXURY
ELUDES EVEN
THE MOST
INSIGHTFUL OF
CULTURAL
OBSERVERS
AND A CLEAR
DIVIDE BETWEEN
GENERATIONS.
It’s inherently subjective, with a definition that fluctuates dramatically from individual to individual. It’s delicate, living only in the context of its own reputation and beholder. And it almost always artfully
evades definition.
But, as an authority that speaks consumers across luxury in all of its manifestations — fashion, beauty, lifestyle, and beyond — we let our curiosity, and our access prevail, setting out on a mission to find out exactly what the word ‘luxury’ means to
consumers today.
The results? The discovery of two very different sides
of the luxury coin. A battle between self, and sense; personal indulgence and perception; the outward,
and the inward.
of Gen Z state their motivation to owning luxury is its ability to make them feel accepted
29%
of Gen Z report
that owning luxury makes them feel accomplished
56%
believe that owning luxury products helps elevate who they are to other peoplE
54%
believe luxury products are a badge of honor that they use to show people their success
59%
modERN
ext
rov
ert
To Generation Z, the motivation behind purchasing luxury — is what it says about them.
ext
rov
ert
To Generation Z, the motivation behind purchasing luxury — is what it says about them.
At just 37% Gen Z is the least likely generation to categorize luxury as an "indulgence"
While 60% of Gen Z believes social media distorts what’s happening in culture…
of Millennials report purchasing luxury because they know the value will appreciate over time
68%
OF MILLENNIALS BELIEVE LUXURY IS ABOUT PUTTING YOURSELF AND YOUR OWN WELL BEING FIRST
82%
of Millennials derive feeling self satisfaction from the purchase of a luxury product
54%
GEN X IS LEADING THE CHARGE ON:
54% of Millennials + 54% of Gen X describe luxury as a true ‘indulgence’
64% of Millennials + 66% of Gen X say they’re motivated to buy luxury products in an effort to treat themselves
Our Diagnosis
Extrovert
For the generation that was raised online, the public stage on which they live their lives has shaped them into consumers that prioritize public perception over personal gratification.
CHILDREN OF THE (SELF) CARE
As the generation that made self care go “mainstream,” millennials are continuing to lean into the practice by allowing themselves to spend a higher dollar on products and experiences that they believe aid their personal growth — be it mentally, or physically.
LUXURY AS A LIFESTYLE
In general, older generations view luxury holistically, knowing that one product does not conjure an entire luxury ‘lifestyle’. As a whole, they’re more intentional about integrating luxury across all aspects of their life when and where they can — from experiences to events, from beauty products to retail, from their travels to their cars.
PRIORITY "I"
As a consumer's financial status naturally shifts with age, so do their priorities — shifting away from frequent spontaneous purchases, and into investment decisions that build their luxury portfolio, and their financial future. As a result, their brand loyalties are now coming from a place of self-satisfaction, self-investment, and curation.
TREASURING THE TIMELESS
AS A CONCEPT
LUXURY ELUDES EVEN THE MOST INSIGHTFUL OF CULTURAL OBSERVER
To Millennials and Gen X, the motivation behind purchasing luxury — is a self-service.
VOX MEDIA
METHODOLOGY:
This study was commissioned and produced by Vox Media, in partnership with Woo Brand Research. The results were informed by an online survey of 2,000 luxury consumers, defined as US-based adults between the ages of 18-65. Editorial insights and trends spotted by Vox Creative and all 18 Vox Media editorial networks informed the direction of the study, with a focus on The Cut, The Strategist, New York Magazine, Intelligencer, Eater, Thrillist and Vox.
CONTACT:
Aaron Kransdorf,
Head of Industry, Fashion/Luxury/Beauty/Retail
aaron.kransdorf@voxmedia.com
CREDITS:
Devin Cirillo, Colleen Lennon, Julia Goorin, Casey McCormick, Cassandra Jennings
WITH SPECIAL THANKS TO:
Marissa Dickson, Becky Joy, Edwin Wong, Nick Gurruchaga, Anna Perez, Hailey Ryan, Stephanie Nguyen