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These young people known as Generation Z or “digital natives” are more economical, more thoughtful and more committed than Generation Y.
Young consumers from Generation Z do not have uniform attitudes towards luxury, which is the same all over the world.
They are young people born after 2000 and represent 32% of the world’s population.
In view of their commitments compared to the previous generation, Generation Y, the luxury sector is therefore forced to reinvent itself to meet the expectations of these consumers of tomorrow.
It should be noted that Generation Z shares common and uniform characteristics.
Indeed, they have a lifestyle centered around music, the Internet, smartphones and leisure activities; knowing that cultural diversity remains an inherent component of this social group.
Through a research conducted by The Conversation among 1087 American, French and Chilean teenagers, the results confirm that teenagers base their self-esteem on different areas such as competition, social approval, family support.
And, the way in which they build their self-esteem fluctuates according to the 3 countries studied: France, the United States and Chile.
From this perspective, luxury consumption plays an essential role in the construction of the different facets of adolescents’ self-esteem.
Adolescents base their self-esteem on competition for some.
For others, it may be based on the approval of others, family support, virtue, or a combination of these contingencies.
As in any collectivist culture, the interest of the group takes precedence over individual interest.
Among French adolescents, virtue-centered self-esteem, defined as the belief that one adheres to a moral code, predominates.
The younger generation in France emphasizes fundamental values first and experience second.
And among the values favoured by the younger French generation are authenticity and commitment.
Young French people therefore accept to consume luxury brands, provided they are authentic.
They are becoming more and more demanding with regard to the traceability and ethics of luxury products, and demand a kind of moral commitment.
It is by defending societal values that luxury brands such as Gucci or Louis Vuitton have been able to compete with young people.
Then, for American teenagers, it is the competition-centered self-esteem that predominates the belief of being superior to others.
This leads young Americans to buy luxury products to demonstrate to their friends their high social status and their level of wealth in society.
American teens seek unique luxury products that are symbols of success and imbued with the Western culture that is considered powerful.
Finally, for Chilean teens, parents value family values, play a protective role toward their children, and develop a relationship based on interdependence.
The predominant family support thus prevents young Chileans from feeling the need to consume luxury goods.
Beyond family support, Chilean adolescents also tend to seek more approval from their peer group than individualistic cultures, such as the United States and France, which tend to promote independence.
As a result, this quest for social approval leads adolescents to consume luxury goods to fit in with their group of friends.
Luxury brands are helping to build new benchmarks among Chilean adolescents, who use them to assert their belonging to a community.
In this respect, the major luxury brands preferred by teenagers manage to offer them an offer that resonates with their values, through streetwear, allowing them to create social ties.
Read also > DIOR, KENZO, PRADA… WHEN THE LUXURY HOUSES MULTIPLY THE NUMBER OF SNEAKERS COLLABORATIONS
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These young people known as Generation Z or “digital natives” are more economical, more thoughtful and more committed than Generation Y.
Young consumers from Generation Z do not have uniform attitudes towards luxury, which is the same all over the world.
They are young people born after 2000 and represent 32% of the world’s population.
In view of their commitments compared to the previous generation, Generation Y, the luxury sector is therefore forced to reinvent itself to meet the expectations of these consumers of tomorrow.
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These young people known as Generation Z or “digital natives” are more economical, more thoughtful and more committed than Generation Y.
Young consumers from Generation Z do not have uniform attitudes towards luxury, which is the same all over the world.
They are young people born after 2000 and represent 32% of the world’s population.
In view of their commitments compared to the previous generation, Generation Y, the luxury sector is therefore forced to reinvent itself to meet the expectations of these consumers of tomorrow.
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