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Klarna, the global leader in payment, shopping and banking services, has published its new report “Luxury goes wild in 2022”, on luxury trends.
It revealed that high-end brands are rejuvenating their customer base, going digital and that consumers expect more innovation and responsible engagement from luxury brands.
Luxury is rejuvenating its customer base
Klarna‘s study explored the buying and paying preferences of the different generations of luxury consumers in France, notably Baby Boomers, Generation Z, Generation Y and Millennials.
Indeed, it revealed that a new group of luxury buyers has emerged: Generation Z and the Millennials. These two generations include people born between 1985 and today, i.e. between the ages of 25 and 35. Until recently, luxury purchases were reserved for Generation X and the Baby Boomers (those born between 1946 and 1976).
But for several years, luxury has been getting younger, with Generation Z and Millennials more likely to buy a luxury item than their elders. Klarna also claimed that almost 1 in 2 French people had bought a luxury product by 2021.
Luxury buyers with new priorities
While 82% of Gen Z and Millennials consider the environmental impact of luxury brands, 80% also consider a luxury brand’s commitment to innovation and new technologies as a decisive reason to buy an item. In addition, 75% of these buyers now want to pay for their high-end items in instalments, with no extra charges or costs.
In addition, 35% want to use a mobile application when purchasing a high-end product online, and 46% are looking for flexible payment options.
Finally, the advent of social networks has made it possible for the general public to discover luxury products. Indeed, 4 out of 5 Generation Z consumers (83%) and 61% of Millenials follow high-end brands on social networks; but they don’t stop there. Respectively, 75% and 63% of these two generations have purchased a product after discovering it on a social network.
In terms of the best performing platforms in this market and the channels of choice for luxury buyers, YouTube leads the way for both generations, with 43% for Gen Z and 50% for Millenials. It is closely followed by TikTok, with 45% for Gen Z and 36% for Millenials.
“We see that luxury goods buyers are younger than before. Most of them are adopting new buying behaviours inspired by online content and social networks, and easily switching from physical to virtual shopping,” says Eric Petitfils, Sales Director of Klarna France. “One of the main findings is that French shoppers of all generations are looking for more flexibility and innovation when shopping for luxury goods. In order to remain competitive, luxury brands must continue to invest in digital and physical technologies that elevate the shopping journey and offer innovative, high-quality experiences with seamless services for consumers,” he added.
Read also > RÉMY COINTREAU CONTINUED ITS STRONG GROWTH IN THE THIRD QUARTER OF 2021
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Klarna, the global leader in payment, shopping and banking services, has published its new report “Luxury goes wild in 2022”, on luxury trends.
It revealed that high-end brands are rejuvenating their customer base, going digital and that consumers expect more innovation and responsible engagement from luxury brands.
Luxury is rejuvenating its customer base
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Klarna, the global leader in payment, shopping and banking services, has published its new report “Luxury goes wild in 2022”, on luxury trends.
It revealed that high-end brands are rejuvenating their customer base, going digital and that consumers expect more innovation and responsible engagement from luxury brands.
Luxury is rejuvenating its customer base
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