According to a report from Klarna, a leading global retail bank and payments company, says luxury is getting younger with 60% of Gen Z and 63% of Millennials say they have purchased a luxury good within the last 12 months, compared to 46% of Gen Xers and 18% of Baby Boomers.
The report also found 84 percent of luxury shoppers would find it helpful to pay for high-end items over time, without interest or extra cost. This means investing in technologies that create an elevated, higher-touch omnichannel shopping experience–from interest-free alternative payment solutions at checkout to the integration of virtual shopping and buy online, pick up in store services.
“A new generation of younger, digitally-savvy luxury shoppers is emerging, with new preferences towards how they shop and pay,”…
said David Sykes, Head of North America, Klarna. “While the allure of brand names (52%) and exclusivity (39%) still drive luxury purchases, today’s high-end shoppers are looking for greater flexibility and innovation throughout their shopping experiences.
View this post on Instagram A post shared by Klarna (@klarna) Klarna’s Luxury Survey was sent out online in collaboration with research agency Dynata to a representative sample of more than 4,000 consumers aged 18-65+ across 5 countries in October 2021, with 1,051 respondents in the US.
Klarna also analyzed shopping data from 58,000,000 online purchases with Klarna in the US from January-December 2021. Klarna serves more than 13,000 US retailers and 24 million US consumers. View this post on Instagram A post shared by Klarna (@klarna) Key Report Findings: Luxury is getting younger.
Gen Z and Millennials are more likely than older generations to purchase luxury items. Of all respondents, 60% of Gen Z and 63% of Millennials purchased a luxury item within the last 12 months, compared with 46% of Gen Xers and 18% of Baby Boomers…
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