Over the years, we have seen a constant change in the way that people prefer to make purchases. Now this change in choice has been linked to multiple factors such as geographical location, demographics, culture and traditions, availability, economic status and exposure to global markets, all of which have collectively contributed to give rise to a new and redefined generation of shoppers.
Specifically speaking of Millennials and Gen-Z, it has been noted that there is a significant rise in the consumption of luxury brands by the younger generation who prefers to invest in products that cater to their need for luxurious appeal. Be it luxury fashion brands, cars, hotels or even luxury vacation spots- there is an exceedingly high demand to experience the concept of luxury.
The key reason as to why people buy luxury brands that has resulted in this increase in demand is the advent of digitization. With exposure to so much information about everything through social media and the internet, it has become one of the sole reasons in driving consumers to like and purchase high-end brands.
Wake Up Nigeria September 13 2022
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