Luxury during coronavirus: Gen Z still wants high-end goods despite pandemic
Meanwhile, older generations are much more averse to luxury spending
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
The coronavirus has caused plenty of economic uncertainty, but some Americans are still reportedly interested in luxury purchases.
In a recent survey, Adobe Advertising Cloud found that more than half of Gen Z respondents are still buying luxury goods, Adweek reported earlier this week.
CORONAVIRUS RESTRICTIONS INSPIRE MIAMI BOTOX DRIVE-THRU
That’s in spite of the fact that 72 percent of Gen Z respondents (under the age of 25) said they had been negatively impacted by the pandemic.
A woman shops at Neiman Marcus in New York City in 2019. (AP Photo/Mark Lennihan, File)
Meanwhile, older generations reported feeling “hesitant” about making luxury purchases, Adweek reported.
That includes 76 percent of Gen X and Baby Boomers and 75 percent of millennials.
CORONAVIRUS PANDEMIC LIMITS LUXURY HOTELS OPEN FOR MEMORIAL DAY
Gen Z is also interested in luxury advertising, the Adobe survey reportedly found.
Though 20 percent of all respondents said they didn’t want to see any luxury ads at all, Adweek reported that 40 percent of Gen Z respondents said they did want to see luxury brand ads.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“While turning off all advertising may be tempting to brands, our findings show us that this isn’t the best solution,” Ryan Fleisch, Adobe Advertising Cloud’s head of product marketing, told Adweek. “Pockets of opportunity still exist.”
CLICK HERE TO READ MORE ON FOX BUSINESS