Between heritage and rupture, how the young generation is redefining luxury

In a world dominated by social networks and immediacy, how is the notion of luxury transmitted to younger generations? What values do they cherish and how do they differ from their parents in their approach to luxury?

To answer these questions, a study was carried out by Sociovision and Brain Value (subsidiaries of the IFOP group), at the request of the Comité Colbert and Media Figaro, among 400 young people aged 20 to 35 in France, the United States. United States and China, all belonging to the richest 7 percent of each country. In France, the study was supplemented by a survey of a representative sample of 400 people aged 50 to 75 belonging to the same wealth bracket. The study is full of results that deserve attention.

From family heritage

First of all, she emphasizes that, even in the age of social networks, parents continue to play a crucial role in introducing young people to luxury. In the three countries analyzed in this study, at least half of the young people interviewed admit to having inherited their taste for luxury from their parents. This is reflected in statements such as: “My taste for luxury comes from my parents, I like what they passed on to me” and “My taste for luxury is a mixture of what my parents gave me and new tastes that I developed. “

To the influence of brands: a changing transmission

If family heritage remains a key factor, the younger generation is also strongly influenced by brand communication. In the era of social networks and multiple points of contact, brand communication and the celebrities who represent it remain powerful levers for introducing young people to luxury. Indeed, when asked about the different sources of influence that introduced them to luxury, young people first cite advertising from luxury brands (47 percent), luxury brand websites (44 percent) and celebrities ( 44 percent). In comparison, family inheritance stands at 39 percent.

The younger generation has a new look at luxury

In this “age of possibilities”, as psychologists call it and the study takes up, the perception of luxury is constantly evolving, influenced by technological advances and socio-cultural changes. In the vision of luxury held by young people, we observe significant age effects. Young people are more attracted to novelty, valuing the symbols of a new and promising world. While their parents’ generation favors brands highlighting know-how, product quality, and a rich historical past, younger generations aspire to more. They ask for more. They are looking for “innovative brands”, “new brands” and “brands that break the codes, not respecting the classic rules”.

Unlike their parents who prefer discreet brands, young people appreciate powerful brands that stand out. Active on social networks and often in search of social validation, they need brands that promote them. In addition, luxury brands represent for them a guarantee of good taste and informed choice, with 63 percent of young people admitting that luxury brands “give them confidence” (63 percent of young French people, 83 percent of young Americans and 94 percent of young Chinese).

For this generation, luxury is no longer a “luxury”

Younger generations tend to reinvent luxury values by integrating the idea of luxury more anchored in everyday life. For 63 percent of young French people, 75 percent of young Americans and 92 percent of young Chinese, “luxury is part of my daily life”. In comparison, only 32 percent of their parents share this opinion. What was and remains an exceptional and rare experience for parents has become a daily experience for young people. Aspiring to a refined and stylish lifestyle, young people believe that luxury cannot be satisfied with its rarity and must invent the rarity of everyday life, thus making each day exceptional.

Another notable marker of this generation is their attachment to the eco-responsible dimension of brands. 83 percent of young people say that when it comes to luxury, they “favor ecological and responsible products” (74 percent of young French people, 81 percent of young Americans and 95 percent of young Chinese), sending a strong signal for the future of luxury.

The timeless values of luxury across generations

However, a certain idea of luxury persists across generations. By comparing the responses of young people to those of their parents’ generation, a certain number of values associated with luxury emerge as the majority. These are the timeless values of luxury, those that endure across generations. First of all, young people recognize luxury for its values of quality and creativity. 82 percent of 20-35 year olds and 93 percent of 50-75 year olds agree that “luxury is above all quality products that we keep for a long time”. Likewise, 81% of young people and 88 percent of 50-75 year olds consider luxury to be “a very creative sector”.

They also associate major brands with exceptional experiences: there is thus a generational consensus around the idea that luxury is an exceptional experience delivered by major brands. Thus, 82 percent of 20-35 year olds and 83 percent of 50-75 year olds define luxury above all as “an exceptional experience”. Likewise, 81 percent (compared to 83 perent) consider that luxury “is above all owning rare things, which few people can afford” and 79 percent (compared to 85 percent) that luxury “is is above all big brands.”

Just as they perceive luxury as a way to stand out with an exclusive lifestyle. Some of the perceived benefits of luxury are the same from one generation to the next, in particular the idea that luxury allows you to “differentiate yourself, stand out from others”. This is the case for 73 percent of 15-35 year olds and 74 percent of 50-75 year olds. Furthermore, 79 percent consider that “luxury is above all the expression of social status”; it is the same proportion among 50-75 year olds.

This article was originally published on FashionUnited.FR, translated and edited to English.